What's the difference between a 13D and a 13G?

Question

Accepted Answer

Both report a stake of over 5% of a company. A 13D is for investors that may try to influence the company and is due within 5 business days; a 13G is for passive investors and institutions, is shorter, and can come later. Schedule 13DSchedule 13G WhoInvestors who may seek to influence or control the company (activists)Passive investors, and institutions buying in the normal course of business First filingWithin 5 business days of crossing 5%Within 5 business days (passive investors) to 45 days after the quarter (institutions) ChangesWithin 2 business days of a material changeWithin 45 days after the quarter of the change DetailPurpose and plans, sources of funds, agreements with othersOwnership only For investors, a 13D is usually the more interesting of the two: it can signal a campaign to change the company, and it comes quickly.

	Schedule 13D	Schedule 13G
Who	Investors who may seek to influence or control the company (activists)	Passive investors, and institutions buying in the normal course of business
First filing	Within 5 business days of crossing 5%	Within 5 business days (passive investors) to 45 days after the quarter (institutions)
Changes	Within 2 business days of a material change	Within 45 days after the quarter of the change
Detail	Purpose and plans, sources of funds, agreements with others	Ownership only

What's the difference between a 13D and a 13G?

Related questions