US SEC shortens stock disclosure deadline to 5 days
© Reuters. FILE PHOTO: The seal of the U.S. Securities and Exchange Commission is seen at their headquarters in Washington, D.C., U.S., May 12, 2021. Picture taken May 12, 2021. REUTERS/Andrew Kelly/File Photo -Wall Street's top regulator said on Tuesday it has tightened the timeline for investors to disclose 5% ownership stakes in companies they intend to control, shortening the allowed window from 10 calendar days to five business days.
"In our fast-paced markets, it shouldn't take 10 days for the public to learn about an attempt to change or influence control of a public company," SEC Chair Gary Gensler said in a statement. As adopted, the rule would also shorten the disclosure deadline for certain institutional investors to 45 days from the end of the quarter in which their ownership stake surpasses 5%. Previously, the deadline was 45 days from the end of the calendar year.
Additionally, the initial proposal would have required certain institutional investors -- meaning companies that make bulk investments on behalf of others such as pension funds -- to disclose stakes of 5% or more within five business days from a month's end, rather than 45 days from the end of the quarter.
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