SEC Proposes Important Changes to Section 13 Beneficial Ownership Reporting Rules
Highlights
These proposed SEC amendments would accelerate the filing deadlines for initial and amended Schedules 13D and 13G
In addition, the amendments would expand the concept of “beneficial ownership” to include reference securities underlying certain cash-settled derivative instruments
The amendments also provide clarification regarding the circumstances in which a Section 13 “group” is deemed to exist
Responding to long-building pressure for change, the SEC has proposed amendments to the beneficial ownership reporting rules under Sections 13(d) and 13(g) of the Securities Exchange Act of 1934 (the Exchange Act). If adopted, the amendments would affect hedge funds and other investors who take significant positions in U.S. publicly traded equity securities.
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