Activists will have just five days to disclose large stakes in public companies
The Securities and Exchange Commission voted Tuesday to adopt new rules that will require activist investors to disclose more quickly when they’ve made an aggressive play to buy up a target company’s shares or certain derivatives based on those shares.
The change was aimed to protect investors who would otherwise be unaware that an activist investor is building up a significant position in a company, which could greatly affect the value of their stock holdings. The SEC sued Musk last week, with the intention of forcing him to appear in federal court to provide testimony related to “an ongoing investigation” of potential securities laws violations related to the Twitter deal. The new rules would not affect the Musk investigation and will only apply to future transactions.
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