SEC adopts shorter reporting deadlines for beneficial ownership

The Securities and Exchange Commission (SEC) finalized its rule proposal to cut in half the timeline allowed for market participants to file initial beneficial ownership information with the agency.

The rule, adopted Tuesday, shortens the deadline for those who own more than 5 percent of a company to inform the public of their position from 10 days to five days.

“In our fast-paced markets, it shouldn’t take 10 days for the public to learn about an attempt to change or influence control of a public company,” said SEC Chair Gary Gensler in a press release.