The SEC announced on April 28, 2023 that it will reopen the comment period for proposed amendments to Regulation 13D-G and Regulation S-T to, among other things, shorten the filing deadlines for beneficial ownership reports on Schedule 13D from 10 to five calendar days. The comment period will remain open until the later of 30 days after the date of publication in the Federal Register or June 27, 2023.
The announcement was accompanied by a memo from the staff of the Division of Economic and Risk Analysis (the “Staff”) presenting a quantitative analysis of existing Schedule 13D filing practices that is intended to support the proposed shorter five-day filing deadlines for these beneficial ownership reports.