Public comments are due April 11.

WASHINGTON, D.C. (March 11, 2022) –  The Securities and Exchange Commission (SEC) has published a proposed rule regarding beneficial ownership reporting under Schedules 13D and 13G. The proposal would shorten the timeframe for investment managers to report a 5% ownership stake in a company to five (5) days (from 10 days) on Schedule 13D. Additionally, a 5% ownership stake for 13G filers would have to be disclosed five (5) days after the month in which a fund reaches the 5% threshold (current rules require disclosure 45 days after year-end) (fact sheet).

 About the Small Business Investor Alliance (SBIA)

The Small Business Investor Alliance (SBIA) is the premier organization of lower middle market private equity funds and investors. SBIA works on behalf of its members as a tireless advocate for policies that promote competitive markets and robust domestic investment for growing small businesses. SBIA has been playing a pivotal role in promoting the growth and vitality of the private equity industry for over 60 years. For more information, visit www.SBIA.org or call (202) 628-5055.