George Soros, John Paulson, and other billionaire investors won’t have to disclose their stock portfolios if a proposed SEC rule passes

  • Billionaire investors including George Soros and David Tepper won’t have to reveal their stock portfolios every quarter if a new SEC proposal is implemented.
  • The investment firms run by Soros, Tepper, John Paulson, Paul Tudor Jones, and David Einhorn would all be exempt from filing 13-F forms if the agency raises the disclosure threshold from $100 million in equity holdings to $3.5 billion.
  • The SEC wants to raise the threshold for the first time in 45 years to reflect the modern US equities market and slash compliance costs for smaller fund managers.
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George Soros, John Paulson, and other billionaire investors won’t have to disclose the stocks they own at the end of every quarter if a new regulatory proposal gets the green light.

Other famous fund managers including David Tepper, Paul Tudor Jones, and David Einhorn would also be relieved of the requirement if the Securities and Exchange Commission hikes the disclosure threshold from $100 million to $3.5 billion.

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Soros Fund Management owned just under $2 billion in equities at the end of last quarter, SEC filings show. Paulson & Co reported about $2.6 billion, Tepper’s Appaloosa Management boasted close to $3.3 billion, Tudor Investment Corporation held about $1.1 billion, and Einhorn’s Greenlight Capital owned about $700 million.

Under the new rules, none of those firms would have to disclose their US equity portfolios unless their value passes the $3.5 billion mark.

The exclusion of billionaire investors under the proposed rule was first reported by Bloomberg.

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The SEC said in in its proposal that changing the threshold for the first time in 45 years would better reflect the current size and shape of the US equities market, and lessen the administrative burden on smaller investment firms.

It estimated the new rules could save managers up to $136 million a year in compliance costs.

It also argued that a $3.5 billion threshold would spare 89% of managers from having to compile and file a 13-F form each quarter, while ensuring that about 91% of US stock holdings by value would still be disclosed.

That calculation reflects the fact that a minority of investors such as BlackRock, Fidelity, and Warren Buffett’s Berkshire Hathaway own the vast majority of publicly traded shares.

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