SEC Amends Schedule 13G Beneficial Ownership Reporting Deadlines

On September 30, 2024, the revised Schedule 13G filing deadlines became effective. In this article, we provide an overview of the new regime and provide a comparison with the corresponding notification deadlines in the EU and UK.

IN DEPTH

On October 10, 2023, the US Securities and Exchange Commission (SEC) adopted amendments to Sections 13(d) and 13(g) of the Securities Exchange Act of 1934 (Securities Act), which, among other things, accelerate the filing deadlines for Schedules 13D and 13G. In announcing these changes, SEC Chairman Gary Gensler stated that the old reporting requirements did not reflect the current pace of information in the modern capital markets, and the changes to the Schedule 13D and 13G reporting rules would "reduce information asymmetries." While the amendments and revised Schedule 13D deadline became effective 90 days after publication of the amendments in the Federal Register, compliance with the revised Schedule 13G filing deadlines will