March 31, 2016

Poll: Potential Impact of Section 13(d) “Brokaw Act”

Last week, I blogged about new proposed legislation that would direct the SEC to amend the Section 13(d) reporting rules – including shortening the filing window of a 5% stake from 10 days to 2 business days and requiring the reporting of significant “short” positions. This piece by Senator Tammy Baldwin provides some background on the genesis of the legislation (also see this Cooley blog).

As noted in these memos, many in the corporate community have been pushing for changes in the Schedule 13D area for quite some time. On the other hand, some believe that the cows are out of the barn – and that any tweaks to the timing of 13D filings or disclosure will not change the playing field much nor stop takeovers from occurring every day.

Weigh in with your thoughts via this anonymous poll