The SEC has published its annual report showing the number of reports filed with the SEC, by type, during the fiscal year ended September 30, 2020. The report shows a continuing decline in the number of Section 16(a) reports, commensurate with the decline in the number of companies registered with the SEC.
The table below shows the number of Forms 3, 4 and 5 filed in 2005, 2010, 2015 and 2020, together with the number of Form 10-Ks and proxy statements filed in each of those years. From 2005 to 2020, the number of companies filing proxy statements dropped by 40% (and 10-K filings dropped by 30%), and the number of Forms 4 filed declined by 38%. So, while the number of Section 16(a) reports is declining, the workload per compliance person seems to be holding steady.
| 2005 | 2010 | 2015 | 2020 |
| Form 3 | 22,679 | 15,403 | 15,174 | 11,173 |
| Form 4 | 230,344 | 194,488 | 191,907 | 142,881 |
| Form 5 | 8,269 | 4,631 | 3,451 | 2,490 |
| Form 10-K | 8,596 | 8,890 | 7,659 | 6,078 |
| Proxy Statement | 7,265 | 5,800 | 5,281 | 4,361 |
-Alan Dye, Section16.net November 7, 2020
