如何使用美国证监会网站.docx

如何使用美国证监会网站.docx

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如何使用美国证监会网站

ResearchingPublicCompaniesThroughEDGAR:

AGuideforInvestors

TheSEC’sEDGARdatabaseprovidesfreepublicaccesstocorporateinformation,allowingyoutoquicklyresearchacompany’sfinancialinformationandoperationsbyreviewingregistrationstatements,prospectusesandperiodicreportsfiledonForms10-Kand10-Q.YoualsocanfindinformationaboutrecentcorporateeventsreportedonForm8-Kbutthatacompanydoesnothavetodisclosetoinvestors.

EDGARalsoprovidesaccesstocommentandresponselettersrelatingtodisclosurefilingsmadeafterAugust1,2004,andreviewedbyeithertheDivisionofCorporationFinanceortheDivisionofInvestmentManagement.OnMay22,2006,thestaffsoftheDivisionsofCorporationFinanceandInvestmentManagementbegantousetheEDGARsystemtoissuenotificationsofeffectivenessforSecuritiesActregistrationstatementsandpost-effectiveamendments,otherthanthosethatbecomeeffectiveautomaticallybylaw.ThesenotificationswillbepostedtotheEDGARsystemthemorningafterafilingisdeterminedtobeeffective.

WecurrentlyaremakingenhancementstoEDGAR.YoucancheckourEDGARSearchUpdatesforthemostrecentchanges.TheSECalsoiscommittedtotransformingtheEDGARdatabasefromaform-basedelectronicfilingcabinettoadynamicreal-timesearchtoolwithinteractivecapabilitiesusingXBRLcomputerlanguage.

TouseEDGARmosteffectively,youshouldknowwhichcategoriesofinformationappearinwhichSECfilingsandwhichsearchmethodswillworkbest.Youalsoshouldunderstandthesystem’slimitations.Inthisguide,you’llfindtipsforusingEDGARandanswerstofrequentlyaskedquestionsaboutresearchingpubliccompanies.WealsoincludeintheFAQs,adescriptionofavailablemutualfundandvariableinsuranceproductsearches

OrganizationofthisGuide

1.EDGAROverview

2.Tips

3.FAQS

1.HowtoUseEDGAR

2.UnderstandingEDGARSearchResults

3.LimitationsofEDGARSearches

4.InformationAboutPublicly-TradedCompanies

5.ExecutiveCompensation

6.InsiderTransactions

7.BusinessCombinations

8.InitialPublicOfferings

9.Bankruptcy

10.InformationAboutaCompany’sAuditors

11.ResearchingMutualFundsandVariableInsuranceProducts

I.EDGAROverview

OurQuickEDGARTutorialexplainstheavailablesearches.MostinvestorswillusetheCompanies&OtherFilersSearch.Whenusingthissearch,youshouldusethenameofthecompanyasreportedontheSECfilingsratherthanitscommonname.Forexample,tosearchIBM’sfilings,youshouldtypein“InternationalBusinessMachines.”Inthealternative,youcanusetheEDGARFull-TextSearch.ThissearchengineallowsyoutosearchthefulltextofEDGARfilingsfromthelastfouryears.

EDGARFull-TextSearchallowsyoutoenterakeywordorconceptualsearchqueryandretrievealistoffilingswithsummariesfromthedatabaseenginesonthatkeywordorsubject.EDGARFull-Textsearchmakesuseofconceptualsearchtechnologiesthatprovidecapabilitiessimilartonaturallanguageprocessingandthusavoidsmanyofthelimitationsofsimplekeywordsearches.WehavepreparedFAQsthatexplainindetailhowtousethissearchengine.

Fordocumentsolderthanfouryears（orinlieuoftheFull-TextSearch）,youcanusekeywordsorphrasestosearchallheaderfields（includingaddresses）inallfilingsintheEDGARdatabase.TheHistoricalEdgarArchivesSearchallowstheflexibilityofsearchingforspecificinformationintheseheaderstolocatefilings.Theheadersearchesareusefulwhenyouaretrying,forexample,tofindallissuerswhofiledaspecificformduringaspecifiedtimeperiod.

EDGARsearchresultsappearasalistoffilings,beginningwiththemostrecent.ThefilingsareidentifiedbyEDGARformtypes.Youwillhavetoreviewtheindividualfilingsforspecificdisclosures.Youalsowillhavetochecksubsequentfilingsforanyamendmentsorotherchangestothefilings,includinganyrestatementstothecompany’sfinancialstatements.

EDGARhascertainsearchlimitations.Forexample,youcannotcomparethedisclosureswithinspecificfilings—whetherornotthefilingsweremadebythesamecompany.EDGARdoesnotprovidenoticethataspecificfilingwassubsequentlyamendedorwithdrawn.PriortoMay22,2006,EDGARdidnotidentifythedatethataregistrationstatementbecame“effective.”EDGARdoesnotprovideatotalnumberofpublicly-tradedcompanies;nordoesitallowasearchforthetotalnumberofissuerslistedorquotedinaparticularmarket.DifferentEDGARsearcheshavedifferentlimitsforthenumberofdocumentsreturnedinresponsetothequery.

OnceyouhavefoundtheSECfilingsforaparticularcompany,youwillneedtounderstandwhatinformationisincludedinaparticularform.Belowweidentifycommonly-requestedinformationaboutacompanyandsomeoftheformsinwhichtheinformationcanbefound.

FinancialInformation

TheSECrequirespubliccompaniestodisclosemeaningfulfinancialandotherinformationtothepublic,whichprovidesapublicsourceforallinvestorstousetojudgeforthemselvesifacompany'ssecuritiesareagoodinvestment.Youcanlocatefinancialinformationinthefollowingfilingsforpubliccompaniesotherthanmutualfunds:

∙Form10-Q（containsunauditedquarterlyfinancialstatements）

∙Form10-K（containsauditedannualfinancialstatements）

∙Form8-K（currentinformationincludingpreliminaryearningsannouncements）

∙RegistrationstatementsincludingFormS-1（generalregistrationstatementundertheSecuritiesActof1933,usedfornewissuers）andFormF-6（registrationstatementusedbyforeignissuersofAmericanDepositaryReceipts）

Foranintroductiontoacompany’sfinancialstatements,pleasereadourBeginner’sGuidetoFinancialStatements.

IndividualsresearchingacompanycanfindbothqualitativeandquantitativedisclosuresinSECfilings.YoucanfindmanyoftheSEC’sdisclosurerequirementsinRegulationS-K,RegulationS-B,andRegulationS-X.Forexample,Item303ofRegulationS-KandS-Baddressmanagement’sdiscussionandanalysis（“MD&A”）ofthecompany’sfinancialconditionandresultsofoperation.Inadditiontothe“base”document”,issuersmayprovidecertaininformationasexhibitstoSECfilings.Item601ofRegulationS-KandItem601ofRegulationS-BincludeinformationaboutexhibitstoSECfilings.

ExecutiveCompensation

SeveraltypesofSECfilingsincludeinformationaboutthecompany'sexecutivecompensationpoliciesandpractices.Youcanlocateinformationaboutexecutivepayin:

∙Schedule14A（annualproxystatement）

∙Form10-K（auditedannualreport）

∙Registrationstatementsfiledbytheissuer

∙Form8-K（currentcompanyinformation）

TheSECadoptedchangestotheexecutivecompensationdisclosureprovisionsin2006.

InsiderTransactionsandBeneficialOwnershipInterest

Corporateinsiders—meaningacompany'sofficersanddirectors,andanybeneficialownersofmorethantenpercentofaclassofthecompany'sequitysecuritiesregisteredunderSection12oftheSecuritiesExchangeActof1934-mustfilewiththeSECastatementofownershipregardingthosesecurities.Thespecificformsare:

∙Form3（initialstatementofbeneficialownership）

∙Form4（statementofchangesinbeneficialownership）

∙Form5（annualstatementofchangesinbeneficialownership）

Whenapersonorgroupofpersonsacquiresbeneficialownershipofmorethan5%ofaclassofacompany’sequitysecuritiesregisteredunderSection12oftheSecuritiesExchangeActof1934,theymustfileaSchedule13DwiththeSECortheshortenedformfiledonSchedule13G.

ShareholderMeetings/ProxySolicitations

Publicly-tradedcompaniesmustcomplywiththeSEC’sproxyruleswhenevertheyseekashareholdervoteoncorporatematters.Whenyouareresearchingacompany,theproxystatementsareusefulsourcesofinformationaboutexecutivecompensationandbusinesscombinations（proposedorcompleted）.

IssuersfileproxystatementsonSchedule14A.Ifacompanychoosesnottosolicitproxiesfromitsshareholders,itfilesaninformationstatementonSchedule14C.InEDGAR,theproxymaterialsaredenotedasthefollowingformtypesratherthanasSchedules14Aor14C.Inmostcases,investorwillbeinterestedthedefinitiveorfinalproxystatement,i.e.,the“DEF14”filing.

∙PRE14A:

preliminaryproxymaterial

∙PRE14C:

preliminaryinformationstatement

∙PREM14A:

preliminaryproxymaterialrelatingtoamergeroracquisition

∙DEF14A:

definitiveproxymaterials

∙DEF14C:

definitiveinformation

∙DEFM14A:

definitiveproxymaterialrelatingtoamergeroracquisition

∙DEFM14C:

Definitiveinformationstatementrelatingtomergeroracquisition

∙DEFR14A:

definitiverevisedproxymaterials

BusinessCombinations

YoucanfindinformationinEDGARconcerningspecificmergersandacquisitionswhenoneorbothofthecompaniesinvolvedaresubjecttotheSECdisclosurerules.TheSECrulesrequiredisclosuresabouttheproposedmergerwhetherornotitiscompleted.DetailedinformationaboutaproposedmergerisfoundintheproxystatementonSchedule14AortheinformationstatementonSchedule14C.Whensecuritiesareofferedasaresultofamergerorbusinesscombination,thesesecuritiesmustregisterwiththeSEC.Anissuermayuse,forexample,aFormS-4,inamergerevenwhentheapplicablestatelawwouldnotrequirethesolicitationofthevotesorconsentsofallofthesecurityholdersofthecompanybeingacquiredorinanexchangeofferforsecuritiesoftheissueroranotherentity.

ThefilingsrequiredbySection14（d）oftheExchangeActandRegulation14Dprovideinformationtothepublicaboutthepersonmaking