TITLE

SEC: Corporate Insiders Can't File Under 13G

AUTHOR(S)
Friedlander, Josh
PUB. DATE
February 2005
SOURCE
Investment Dealers' Digest;2/21/2005, Vol. 71 Issue 7, p7
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports the U.S. Securities and Exchange Commission (SEC) has pointed out that corporate officers and board members who have had been filing their ownership disclosure under schedule 13G of the Securities and Exchange Act of 1934, should now file 13D. The SEC indicated that large shareholders in public companies typically prefer to file their ownership disclosures under schedule 13G as it requires far less paperwork fewer updates and entails no disclosure of the shareholder's future plans, as does 13D. But shareholders can file under 13G only if they are considered passive. Also, the SEC indicated that large shareholders in public companies who also serve in management or directorial capabilities could be wrong to claim the status of "passive" investors for the purposes of avoiding extensive reporting of their future plans.
ACCESSION #
16201922

 

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