General Information
This site documents the complete operational procedure for SEC Form 13H — the form that triggers when your gross trading volume crosses federal thresholds. It covers the filing requirements, threshold calculations, EDGAR access, broker notification, annual and quarterly obligations, enforcement history, and everything adjacent.
Not legal advice. If you need that clarified, you are on the wrong website.
Identifying Activity Thresholds
| Period | Share Volume | Dollar Value (Notional) | Basis |
|---|---|---|---|
| Daily | 2,000,000 shares | $20,000,000 | Gross, trade date |
| Monthly | 20,000,000 shares | $200,000,000 | Gross, trade date |
Hit any one of these four numbers and you file. Equity options valued by premium per Exemptive Order 34-76322. Index options contribute to dollar value only. No netting. No offsets.
Key Reference Data
| Parameter | Value |
|---|---|
| Filing deadline after threshold | 10 calendar days |
| Annual filing (Form 13H-A) | Within 45 days of December 31 |
| Reporting activity level (post-filing) | 100 shares per account per day |
| CAT timestamp precision | 50 milliseconds |
| Largest enforcement action to date | $1,400,000 (Cantor Fitzgerald, July 2023) |
| CY2025 annual filing deadline | February 17, 2026 |
Sections Covered
Core
Filing SOPs
Professionals
Surveillance & Structure
Operations
Frequently Asked Questions
Who must file Form 13H?
Any person — individual, entity, or foreign trader using U.S. jurisdictional means — whose aggregate NMS securities transactions equal or exceed 2 million shares or $20 million in a single day, or 20 million shares or $200 million in a calendar month. The filing obligation applies regardless of whether you consider yourself a "retail trader."
What is the Form 13H filing deadline?
10 calendar days after first crossing any identifying activity threshold. Not business days. The annual filing (Form 13H-A) is due within 45 days of December 31 each year. Quarterly amendments (Form 13H-Q) are due promptly — approximately 10 days — after any quarter in which filed information becomes inaccurate.
What are the penalties for failure to file Form 13H?
The SEC's September 2024 enforcement sweep resulted in fines ranging from $10,000 to $750,000 per respondent. Cantor Fitzgerald was fined $1.4 million in July 2023 for a decade of non-filing and failing to identify over 100 unidentified large traders. Firms that self-reported paid $0 in penalties. Firms that did not self-report were fined.
How do I file Form 13H on EDGAR?
Form 13H is filed exclusively through the SEC's EDGAR system. EDGAR Next (mandatory since September 2025) requires Login.gov credentials, account administrators, and a notarized Form ID application. The EDGAR access section covers the full process. The SEC averages approximately six business days to process Form ID applications.
Is Form 13H confidential?
Form 13H is exempt from FOIA and does not appear in EDGAR's public search. The SEC, FINRA, NYSE, CBOE, and other SROs have access internally. Congress and courts can compel disclosure. Your competitors will not see it. The full regulatory apparatus will.
What is a large trader under SEC rules?
A large trader is any person who, directly or indirectly, exercises investment discretion over one or more accounts and effects transactions in NMS securities that equal or exceed the identifying activity thresholds established under Exchange Act Rule 13h-1. Once identified, the SEC assigns a permanent Large Trader Identification Number (LTID).
When is the Form 13H annual filing due?
The annual update (Form 13H-A) is due within 45 calendar days of December 31. The CY2025 annual filing was due February 17, 2026. The CY2026 annual filing will be due approximately February 14, 2027. Missing the annual filing is one of the most common compliance failures.
What is the difference between Form 13H and Form 13F?
Form 13H is triggered by trading volume and reports your identity, broker relationships, and organizational structure. It is confidential. Form 13F is triggered by $100M+ AUM and reports holdings. It is public. Form 13D/G is triggered by 5%+ ownership and reports ownership stakes. You can file 13H without filing 13F. The comparison table covers the distinctions.