SEC Propose Amendments to Modernize Beneficial Ownership Reporting (13D and 13G Rules)

SEC Propose Amendments to Modernize Beneficial Ownership Reporting (13D and 13G Rules)

SEC proposed certain amendments to modernize Beneficial Ownership Reporting (13D and 13G Rules). More specifically, SEC proposed: i) new shorter filing deadlines for 13D & 13G Rules, ii) the expansion of the application of Regulation 13D-G to certain derivative securities, iii) the clarification of “Group” formation and related Exemptions and iv) the use of a structured, machine-readable data language which would apply to all information disclosed on Schedules 13D and 13G. The public comment period will remain open for 60 days following publication of the proposing release on the SEC’s website or 30 days following publication of the proposing publication of the proposing release in the Federal Register, whichever period is longer.