On October 10, 2023, 美国证券交易委员会(以下简称“SEC”)通过了对1934年《十大赌网app下载》(以下简称“交易法”)规定的实益所有权报告规则的修正案(以下简称“修正案”)。.1 《十大靠谱网赌app下载》第13(d)条和第13(g)条及其颁布的规则要求投资者实益拥有任何有表决权的股权证券5%以上的股份2 (each, (“受保类别”)通过公开提交附表13D或附表13G来报告该等受益所有人. In particular, the Amendments: (i) accelerate initial and amendment deadlines for Schedule 13D and 13G filings; (ii) clarify the Schedule 13D disclosure requirements with respect to derivative securities; and (iii) require that Schedule 13D and 13G filings be made using an XML-based language. 美国证券交易委员会采用的《十大靠谱网赌app下载》发布(“发布”)还提供了旨在澄清某人可被视为与另一人或多人组成集团的情况的指导, 以及现金结算衍生品和基于证券的掉期的持有者3 可被视为实益拥有使用参考证券的相关承保类别的股份.
Compliance Dates
The Amendments will become effective 90 days after publication in the Federal Register; provided, however, (i)受益所有人将被要求遵守从9月30日开始的附表13G加速申报截止日期, 2024, 以及(ii)附表13D和13G必须使用基于xml的语言的规定将于12月18日生效, 2024.
Accelerated Filing Deadlines
修订加速了附表13D和13G的提交截止日期，如下图所示.
| Current Initial Filing Deadline | New Initial Filing Deadline | Current Amendment Filing Deadline | New Amendment Filing Deadline | |
| Schedule 13D | 在获得保险类别超过5%的实益拥有权或失去按附表13G提交申请的资格后10天 | 在获得保险类别超过5%的实益拥有权或失去按附表13G提交申请的资格后5个工作日 | “promptly” if there is any material change4 in the facts set forth in the filer’s current Schedule 13D | 2 business days if a material change4 occurs in the facts set forth in the filer’s current Schedule 13D |
| Schedule 13G for Institutional Investors5 |
|
|
|
|
| Schedule 13G for Passive Investors7 | 10 days after acquiring beneficial ownership of more than 5% of a Covered Class | 5 business days after acquiring beneficial ownership of more than 5% of a Covered Class |
|
|
| Schedule 13G for Exempt Investors8 | 45 days after the end of the year if, as of the end of the year, it beneficially owns more than 5% of the Covered Class | 45 days after the end of any calendar quarter if, as of the end of that calendar quarter, it beneficially owns more than 5% of the Covered Class | 45 days after the end of a year if, as of the end of the year, there are any changes in the information reported in the filer’s current Schedule 13G, 除非该变动完全是由于受保类别已发行股票数量的变动所致 | 45 days after the end of a calendar quarter if, as of the end of that calendar quarter, there are any “material”6 changes in the information reported in the filer’s current Schedule 13G, 除非该变动完全是由于受保类别已发行股票数量的变动所致 |
美国证券交易委员会还修订了S-T条例，将附表13D和13G提交截止日期从下午5:30延长.m. to 10:00 p.m. Eastern time.
Clarification of the Disclosure Requirements with respect to Derivative Securities
附表13D第6项亦已修订，以删除任何人毋须披露其在所有以承保类别作为参考证券的衍生证券中的权益的任何暗示, including cash-settled derivative securities and security-based swaps. Notably, however, SEC没有采纳规则13d-3的拟议段落(e)，将现金结算衍生品的某些持有人视为参考涵盖类别的受益所有人，因为它认为现有的SEC指南提供了足够的清晰度.
Structured Data Requirements for Scheduled 13D and 13G
修正案还要求使用基于xml的语言提交附表13D和13G文件, with the exception of Schedule 13D and 13G exhibits.
Section 13 “Group” Status Guidance and Amendments
该公告就现行规则13d-5(b)及第13(d)(3)及13(g)(3)条的运作提供指引，澄清两个或两个以上为获取目的而“作为”一个集团的人, holding or disposing securities may be treated as a group, 鉴于“两个或两个以上的人可能采取一致行动或非正式同意”，任何此类决定“取决于对所有相关事实和情况的分析，而不仅仅取决于是否存在明确协议”。. In addition, 该新闻稿包含了与其他股东的某些沟通和行动是否会导致被视为形成一个集团的问题和SEC的回应.
Finally, 修订规定，根据第13D或13G条负有报告义务的集团将被视为收购了由g成员获得的任何额外股权证券集团成立后，除集团内部股权证券转让外.
* * *
If you have any questions regarding the foregoing, please contact your Investment Management Group attorney at Seward & Kissel LLP.
