SEC Amends Schedule 13D And 13G Beneficial Ownership Reporting Requirements

On October 10, 2023, the U.S. Securities and Exchange Commission (SEC) adopted final rules¹ to amend beneficial ownership² reporting requirements under the U.S. Securities Exchange Act (Exchange Act) to, among other things, shorten the deadlines for Schedule 13D and 13G filings.

Similar to the early warning reporting and alternative monthly reporting filings required to be made under Canadian securities laws, Schedule 13D and 13G filings provide transparency to the market that an investor, or a group of investors, has accumulated or holds a significant stake in the voting equity securities of any domestic or foreign issuer that has securities listed on a U.S. national securities exchange or otherwise has a class of equity securities registered under Section 12 of the Exchange Act³ (a U.S. reporting company).