SEC Speeds Up Beneficial Ownership Reporting to Increase Transparency

SEC adopts amendments to rules governing beneficial ownership reporting to provide more timely information to shareholders and markets.

Updates reporting deadlines from 10 days to 5 days for initial 13D filings and 2 days for amendments.

Accelerates filing deadlines for 13G beneficial ownership reports.

Requires 13D and 13G filings use machine-readable structured data format.

Provides guidance on determining when investors are a group and on reporting derivative securities.