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SEC Paper Form 144 Filings—Update and FAQs

Since the start of the pandemic, Form 144s have been filed both electronically and on paper mailed in to the SEC Public Reference Room. While The Washington Service has captured electronic filings in our database, the Reference Room has been closed to the public since April 2020. Consequently, no mailed-in filings have been disseminated by the SEC. After the Reference Room’s limited opening earlier this month, paper filings are gradually becoming available. We make recent filings available the same day as they are released, and we are currently working on integrating the older paper filings.

In this post we provide answers to your questions concerning the integration of mail-in 144 filings into the EZ-Insider website. As we process the paper filings, this post will be updated with more accurate timelines and details on what to expect as an EZ-Insider user.

FAQs:

Q. What is a Form 144?

A. In a nutshell, the Form 144 is a required filing resulting from the SEC’s Rule 144, which requires disclosure and regulation when trading restricted and control securities. As a statement of intent to sell, their value (even retrospectively) is partially derived from their disclosure of broker information, derivative security types, and foreign filers’ recent activity. Prior to the pandemic, these forms were filed exclusively on paper, by mail. At the Reference Room's closure in April 2020, electronic filing via email became prevalent, although not adopted by all brokers; the paper Form 144s that continued to be mailed in have been inaccessible. [Click here for more info about Form 144s]

Q. What percentage of the filings were missing?

A. We estimate that electronic filings have made up about 70% of all filings for the last two years, based on previous years' totals. The integration of mail-in 144 filings will likely be an increase of about 30% to round out the total filings.

Q. Will the filings eventually be integrated into the website?

A. Absolutely. We strive to provide a comprehensive representation of the data; this will include the older filings that were inaccessible prior to the Reference Room’s re-opening. Form 144s are expensive to source and go through an intensive three-proof process before being added, so while it may not be immediate, the data will be gradually integrated into the database for an accurate and full picture of the last two years. We have already begun this process, and paper filings submitted between March 2020 and March 2021 have been added to the database.

Q. Will the filings be released as headlines on partnered news wires?

A. As they are integrated into the system, the older filings will not be published as new headline articles on our partner news services (i.e., Bloomberg, Dow Jones, etc.). However, the filings and their data may be seen in the historical-style articles, retrospectively.

Q. Will this impact my data feed?

A. Data feeds will be assessed and augmented on a case-by-case basis. If you are a data client with questions or concerns, feel free to reach out to us at research@washingtonservice.com or call 301-913-5100.

 

EZ-Insider is a multi-functional web application that allows users to access our comprehensive database of insider transactions. For a free trial of the service, submit a request here.

The Washington Service is a leading provider of insider trading data, news, and analytics. We offer a full range of services based on public filings, including outsourced research, Internet-based tools, custom EDGAR feeds, and APIs. To learn more about our services, email info@washingtonservice.com or call us at 301-913-5100.

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