Final Rule: Beneficial Ownership Reporting Requirements and Security-Based Swaps
Federal Register Publication Date: 06/14/2011
Summary: The SEC readopted without change the relevant portions of Rules 13d-3 and 16a-1. Readoption of these provisions preserved the application of the SEC’s existing beneficial ownership rules to persons who purchase or sell security-based swaps after the effective date of new Section 13(o) of the Securities Exchange Act of 1934. Section 13(o) provides that a person shall be deemed a beneficial owner of an equity security based on the purchase or sale of a security-based swap only to the extent the SEC adopts rules after making certain determinations with respect to the purchase or sale of security-based swaps. After making the necessary determinations, the SEC readopted the relevant portions of Rules 13d-3 and 16a-1 to confirm that persons who purchase or sell security-based swaps will remain within the scope of these rules to the same extent as they are now.