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SEC filings are the backbone of corporate transparency—and understanding them is essential for anyone working in Investor Relations. You're not just memorizing form numbers here; you're learning the disclosure framework that governs how public companies communicate with shareholders, regulators, and the market. These filings reveal everything from routine financial updates to major corporate events, and knowing which form applies to which situation is fundamental to your role.
The key is recognizing that each filing type serves a specific purpose in the continuous disclosure system. Some filings follow predictable schedules (periodic reports), while others are triggered by specific events (current reports). Others still track ownership changes or facilitate capital raises. Don't just memorize the form numbers—know what triggers each filing, who must file it, and what information investors extract from it.
These are the scheduled filings that give investors a regular window into company performance. They follow predictable timelines and form the foundation of fundamental analysis.
Compare: Form 10-K vs. Form 10-Q—both provide financial statements and management commentary, but 10-Ks are audited and comprehensive while 10-Qs are unaudited and focused on interim changes. If asked about the most reliable financial data, point to the 10-K.
These filings are triggered by specific corporate events rather than calendar dates. The principle here is materiality—if something happens that a reasonable investor would want to know, it must be disclosed promptly.
Compare: Form 8-K vs. Form 6-K—both report material events, but 8-Ks apply to domestic issuers with specific triggering items, while 6-Ks offer foreign issuers more flexibility. Know which form applies based on the company's domicile.
These filings facilitate access to public capital markets. They're governed by the Securities Act of 1933, which requires full disclosure before securities can be sold to the public.
These filings ensure shareholders have the information needed to participate in corporate governance. They're central to the annual meeting process and executive compensation transparency.
Compare: Form 10-K vs. Form DEF 14A—both are annual filings, but 10-Ks focus on financial performance while DEF 14As focus on governance and compensation. For executive pay analysis, the proxy is your primary source.
These filings track who owns significant stakes in public companies and what insiders are doing with their shares. Transparency here helps investors assess alignment of interests and potential control changes.
Compare: Form 4 vs. Schedule 13D—both track ownership, but Form 4 covers insider transactions regardless of stake size, while 13D is triggered by crossing the 5% threshold. Form 4 shows what insiders are doing; 13D shows who the major players are.
Foreign companies listed on U.S. exchanges follow a parallel disclosure regime with some accommodations for home-country practices. The goal is giving U.S. investors comparable information without forcing complete alignment with domestic rules.
Compare: Form 10-K vs. Form 20-F—both are comprehensive annual reports, but 20-F accommodates foreign accounting standards and governance practices. When analyzing a foreign company listed in the U.S., the 20-F is your primary annual source.
| Concept | Best Examples |
|---|---|
| Periodic financial disclosure | Form 10-K, Form 10-Q, Form 20-F |
| Event-driven disclosure | Form 8-K, Form 6-K |
| Capital raising/registration | Form S-1 |
| Governance and proxy matters | Form DEF 14A |
| Insider transaction tracking | Form 4 |
| Significant ownership disclosure | Schedule 13D, Form 13F |
| Foreign issuer filings | Form 20-F, Form 6-K |
Which two filings would you analyze together to get a complete picture of a domestic company's annual performance and executive compensation practices?
A foreign company listed on the NYSE just announced a major acquisition. Which form will they use to disclose this event, and how does it differ from the domestic equivalent?
An institutional investor crosses the 5% ownership threshold in a company. Which filing is triggered, and what key information must they disclose about their intentions?
Compare and contrast Form 4 and Form 13F: What does each track, who must file, and what are the limitations of each for understanding ownership dynamics?
If you needed to evaluate a company's risk factors, audited financial statements, and management's outlook for the coming year, which single filing would provide all three—and when is it due?