When is a Form 3 filed with the SEC?

A Form 3 is filed with the SEC when a corporate insider becomes a corporate insider. This form is specifically used to report the initial ownership of securities by someone who is designated as an insider, which typically includes directors, executive officers, and beneficial owners holding more than 10% of a class of the company's equity securities.

The purpose of this requirement is to provide transparency regarding the ownership stakes of individuals with substantial influence over company decisions. By filing this form, the SEC allows the public and investors to be informed about who has a significant level of control or influence within the company and the initial amount of securities that these insiders hold.

The other options do not accurately describe the filing requirements related to Form 3. For instance, corporate insider trades or resignations would be reported on different forms, such as Form 4 for trading activities and Form 5 for reporting certain transactions in a year. An annual report is not directly tied to insider ownership disclosures like the Form 3 is.