Form 3 is the initial report to be filed by a Section 16 reporting person (e.g. a senior executive). It must be filed either (1) within 10 days after a director or officer assumes his or her position or (2) no later than the effective date of the registration statement for an IPO company registering stock for the first time under Section 12 of the Exchange Act. The form shows how much company stock, and in what form, the officer held on the date he or she assumed this rank or of the IPO. Form 3 must also be filed within ten days after a person's holdings exceed 10% of any class of the company's registered equity securities.
Form 4 is used for the required reporting of changes in stock ownership. Laws that became effective in 2002 require you to file Form 4 before the end of the second business day after the day on which the relevant transaction took place: virtually every change of ownership must be reported with the appropriate transaction code, even if, as a result of balancing purchases and sales, there has been no net change in holdings during the month.
Where are the Chinese billionaires hiding?
