Distinctness of ‘SEC Form 10-K405’
SEC Form 10-k405 was a form used by the Securities and Exchange Commission (SEC) erstwhile to 2003. SEC Form 10-K405 was used to indicate that an officer or governor of a company failed to file a Form 4 (or similar Form 3 or Model 5) on time. Form 4, or similar Form 3 or Form 5, are acquainted with to disclose insider trading activity. Failure to file these species means that the officers of the company did not disclose their insider selling activities within the required time frame.
BREAKING DOWN ‘SEC Shape 10-K405’
Guidelines for reporting insider trading activity is covered under Component 16 of the Securities Exchange Act. Form 10-K405 was eliminated after it was fixed that the use of the form by companies was inconsistent and unreliable. The form is no longer assumed by the EDGAR system.