In 2011 the Securities and Exchange Commission (SEC) adopted its Large Trader reporting rule, Rule 13h-1. The purpose of this rule was to enhance the ability of the SEC to identify large market participants, collect information on their trading and analyze their trading activity. A "Large Trader" is defined as a foreign or domestic person or entity who effects transactions in NMS equities and options that equal or exceed 2 million shares or $20 million during any calendar day, or 20 million shares or $200 million over the course of any calendar month.
Clients identified as "Large Traders" need to complete form 13H via the SEC's Edgar system to obtain an identification number. The identification number once obtained should be provided to your broker(s), who will report daily activity via the Consolidated Audit Trail (CAT) system. It is the responsibility of persons or entities to obtain and report this identification number within 10 days of breaching either of the thresholds detailed above. If an LTID number is not provided, Moomoo Financial will assign an unidentified LTID number to the account to comply with reporting requirements. Your account may also be subject to closing transactions only if an LTID number is not provided within 14 calendar days of an unidentified LTID number being assigned by Moomoo Financial. "Large Trader" accounts have annual filing requirements that persons or entities will need to be aware of. These can be fully reviewed on the SEC website listed below.
SEC Large Trader Rule: https://www.sec.gov/rules/final/2011/34-64976.pdf
Information on Form 13H the EDGAR system: http://www.sec.gov/info/edgar.shtml
SEC Forms List: https://www.sec.gov/forms
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