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SEC adopts amendments to beneficial ownership reporting
Publication date: 12 Oct 2023
us News
SEC adopts amendments to beneficial ownership reporting
The SEC adopted amendments to beneficial ownership reporting requirements for investors that own more than 5% of a covered class of equity securities. The amendments:
• shorten reporting timelines for investors required to file on Schedule 13D such that initial reporting of the acquisition of a beneficial ownership will now be required in 5 business days (shortened from the current requirement of 10 calendar days), with any material changes to that ownership to be reported through an amendment within 2 business days of the material change, and
• change the filing timelines for qualified institutional investors and other exempt investors eligible to use Schedule 13G.
The new requirements for Schedule 13D will become effective 90 days after the final rules are published in the Federal Register. Compliance with the new Schedule 13G timelines will be required beginning on September 30, 2024.
The SEC adopted amendments to beneficial ownership reporting requirements for investors that own more than 5% of a covered class of equity securities. The amendments:
• shorten reporting timelines for investors required to file on Schedule 13D such that initial reporting of the acquisition of a beneficial ownership will now be required in 5 business days (shortened from the current requirement of 10 calendar days), with any material changes to that ownership to be reported through an amendment within 2 business days of the material change, and
• change the filing timelines for qualified institutional investors and other exempt investors eligible to use Schedule 13G.
The new requirements for Schedule 13D will become effective 90 days after the final rules are published in the Federal Register. Compliance with the new Schedule 13G timelines will be required beginning on September 30, 2024.
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