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Short Seller Disclosure Rule Among Measures Targeting Activists, The Deal

March 10, 2022

Partner David Sirignano spoke to The Deal about the Securities and Exchange Commission’s new disclosure rules set to discourage insurgent fund campaigns, and the new proposed public disclosure rules the agency issued for the derivatives market. The rule would require investors to disclose on a new Form 10B if they own a 5% stake in certain derivatives or cross some other ownership thresholds.

David noted that “the Form 10B disclosure proposal would capture large cash-settled equity swaps,” while also pointing out that “the 10B disclosure system wouldn’t require large swaps investors with an activist campaign to provide information about their intent at the company, while their counterparts filing 13Ds would still need to provide that information under item 4 of those disclosures.”

Read the full The Deal article >>