Regulatory Alerts2023-04-28
Reopening of Comment Period for Modernization of Beneficial Ownership Reporting
The Securities and Exchange Commission is reopening the comment period for its proposed amendments that modernize beneficial ownership reporting requirements under the Securities Exchange Act of 1934. The proposed rules shorten filing deadlines for initial and amended Schedules 13D and 13G, deem holders of certain cash-settled derivatives as beneficial owners, clarify group operation rules, and mandate structured machine-readable data submissions. This reopening specifically allows stakeholders to review and submit comments on a newly added staff memorandum containing supplemental economic data and analysis prior to the June 27, 2023 deadline.
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