"Senate Bill Re-Focuses Spotlight on 13D Disclosure Regime for Hedge Funds" by Scott Budlong and Michael Mann

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July 25, 2016

Section 13(d) of the Securities Exchange Act requires an investor that acquires greater than 5% beneficial ownership of a U.S. public company's stock to disclose its position by the tenth day after crossing that threshold, generally by means of filling a Schedule 13D. The contours of Section 13(d) have not changed meaningfully in decades, but Democratic senators have recently moved to intervene via a proposed legislation known as The Brokaw Act (S.2720).  

In this article published by Bloomberg BNA's Securities Regulation & Law Report, RK&O partners Scott Budlong and Michael Mann outline how The Brokaw Act can be a useful prism to examine the current Section 13(d) disclosure regime and anticipate how it may change in the foreseeable future. 

Click here to read the full article.