SEC Proposes Readoption of Rules 13d-3 and 16a-1 Regarding Beneficial Ownership in Light of Dodd-Frank
On March 17, 2011, the Securities and Exchange Commission (the “SEC”) proposed to readopt, without change, certain portions of Rules 13d-3 and 16a-1 (the “Rules”) under the Securities Exchange Act of 1934 (the “Exchange Act”). The proposed readoption of the Rules is intended to preserve the existing application of the beneficial ownership rules promulgated under Sections 13 and 16 of the Exchange Act (the “Beneficial Ownership Rules”) to security-based swaps following the effectiveness of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”). The SEC is soliciting comments on the proposed readoption through April 15, 2011.