SEC Form N-SAR

SEC Form N-SAR is a U.S. Securities and Exchange (SEC) filing that is specific to registered investment management companies. It requires that those companies disclose important financial information (e.g., any sales of shares or their portfolio turnover rate). This information is usually included in the company's shareholder reports.

Prior to the Sarbanes-Oxley Act of 2002, form N-SAR was also required to be filed under Sections 13 and 15(d) of the Securities Exchange Act of 1934. Form N-SAR and all of its related filings are covered under Section 30 of the Investment Company Act of 1940, which requires investment companies and trusts to file semiannual and annual reports with the SEC.

The act also removed the requirement that form N-SAR be certified by a registered investment company's principal executive and financial officers.

SEC Form N-SAR, which applies to registered investment management companies, is just one of several critical SEC forms that investors and managers should know when conducting business in the financial services industry.

Investment advisors use SEC Form ADV, for example, to register with both the Securities and Exchange Commission (SEC) and state securities authorities. The form details any and all disciplinary actions taken against the advisor, along with their services, fees, professional background and current and proposed business practices.

Form ADV consists of two parts. Part 1 requires information about the investment adviser’s business, ownership, clients, employees, business practices, affiliations and any disciplinary events of the adviser or its employees. Part 2 is a longer, more narrative brochure that contains information on the types of advisory services offered, the adviser’s fee schedule, disciplinary information, conflicts of interest, and the educational and business background of management and key advisory personnel of the adviser.

SEC Form S-1 and S-1/A are also significant with respect to initial registration for new securities of current or pending public companies. Companies must have an S-1 filing before their shares can be listed on a national exchange. Often they will enlist the help of an investment bank or syndicate of investment bankers to help draft and file Form S-1. The form includes detailed information on the planned use of sale’s capital proceeds, current business model and competition, offering price methodology and any dilution that will occur. These are just a few important sections; investors should read the entire form for comprehensive information.