Gary Gensler, chairman of the U.S. Securities and Exchange Commission , speaks during a Senate Banking, Housing and Urban Affairs Committee hearing in Washington, D.C., U.S., on Tuesday, Sept. 14, 2021.said Wednesday that the regulator is eyeing tighter disclosure deadlines for hedge funds building sizable stakes in companies.
The so-called Schedule 13-D filing is currently set at 10 days, which gives hedge funds more than a week to keep buying in secret. "Right now, if you've crossed the 5% threshold on day one, and you have 10 days to file, that activist might in that period of time, just go up from five to 6% or they might go from five to 15% but there's nine days that the selling shareholders in the public don't know that information," Gensler said.
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