Beneficial Ownership Rules: SEC Proposes Reaffirmation of Existing Treatment of Security-Based Swaps under Sections 13 and 16

Sullivan & Cromwell LLP - March 18, 2011
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As anticipated, the U.S. Securities and Exchange Commission has proposed to readopt certain of its current rules, with no changes, in order to confirm that the Dodd-Frank Wall Street Reform and Consumer Protection Act did not alter the treatment of “security-based swaps” for purposes of determining “beneficial ownership” of equity securities under Sections 13 and 16 of the Securities Exchange Act of 1934. Comments on the proposal are due by April 15, 2011.