Tag: SEC Division of Economic and Risk Analysis
SEC reopens comment period for proposal to amend beneficial ownership reporting rules
In February last year, the SEC proposed to amend the complex beneficial ownership reporting rules—most notably, the timing of Schedules 13D and 13G filings. In the press release announcing the proposed changes in beneficial ownership reporting, SEC Chair Gary Gensler described the amendments as an update designed to modernize reporting requirements for today’s markets, including reducing “information asymmetries,” and addressing “the timeliness of Schedule 13D and 13G filings.” The proposal was on the SEC’s most recent agenda with a target date of April 2023 for final action. But so far, no action taken. Then, on Friday, the SEC announced that it was reopening the comment period for this proposal until June 27, 2023, or until 30 days after the date of publication of the reopening release in the Federal Register, whichever is later. Why? This memorandum from the Division of Economic and Risk Analysis may be the answer. The SEC believes that the information in the memo “has the potential to be informative for purposes of further evaluating the Proposed Amendments.”
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