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Regulation Securities Litigation White Collar Crime

SEC Revises Beneficial Ownership Reporting Rules

This article identifies certain information asymmetries in the SEC’s beneficial ownership reporting rules, discusses the extent to which those information asymmetries are addressed (or not) under the SEC’s recent rule amendments, and considers whether additional rule amendments or SEC guidance continue to be necessary.

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On Oct. 10, 2023, the Securities and Exchange Commission (SEC) adopted long-awaited rule amendments to Schedule 13D/13G reporting of beneficial ownership. Among other things, the amended rules shorten filing deadlines, clarify disclosure requirements with respect to cash-settled derivatives, and require that Schedules 13D and 13G be filed in a structured, machine-readable data language.

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