Call to Action on SEC 13F Modernization


BY MATTHEW D. BRUSCH, CAE W


e need your help. Shareholder transparency is the perennial top issue for IR professionals. NIRI has advocated on behalf of public companies for many years to improve transparency, and


we were pleased with the relatively recent reform of the U.S. Securities and Exchange Commission (SEC) Schedules 13D and 13G. Form 13F modernization has been more challenging. Tese filings are


required just four times per year (45 days after the end of the quarter), which seems antiquated given how dramatically technology has transformed fi- nancial markets since this rule was enacted in 1979. Schedule 13D filings are now required five business days after crossing the 5% ownership threshold. U.S. equity markets moved to T+1 settlement on May 1, 2024. Computers execute stock trades in millionths of seconds. NIRI is pursuing a two-pronged 13F reform approach. We are (1) seeking


congressional legislation authorizing the SEC to move from quarterly dis- closures to monthly disclosures, and (2) pursuing shortening the reporting deadline from 45 days to a more reasonable requirement. NIRI has partnered with the Society for Corporate Governance and the


New York Stock Exchange on a new proposal requesting the SEC initiate a Form 13F rulemaking process that would, among other things, reduce the quarterly disclosure period from 45 calendar days to five business days, in line with the new Schedule 13D deadline. Access this proposal at www.sec.gov/files/rules/petitions/2024/petn4-825.pdf. We now need your help to submit letters supporting this proposal.


We’ve prepared a downloadable draft support letter template that your companies can tailor and submit to the SEC. It is available online at www.niri.org/advocacy/call-to-action. Please be sure to submit comment letters via email to “rule-comments@sec.gov” note “File No. 4-825” in the subject line. When presenting on this topic, I’m often asked, “How can I help?” Tis is your opportunity to help! Please support this initiative to address your number-one challenge. IR


Matthew D. Brusch, CAE is President and Chief Executive Officer at NIRI; mbrusch@niri.org.


niri.org/ irupdate


On the Move


Michael McCarthy was named Head of Transforma- tion for Silversea Cruises. He has been with the com- pany for 15 years, most re- cently as Vice President, Investor Relations for Royal Caribbean Group and prior


to that, various leadership roles in sales, revenue, operations, and marketing. In 2023 McCarthy was rated by Institutional Investor magazine as the top investor relations officer and top investor relations program across the global leisure category.


Heather Getz has been named to the Board of Di- rectors of Myomo, Inc. as a Class II Director and Chair of its Audit Committee. She will serve until the 2025 an- nual meeting of stockhold- ers. With this appointment,


Myomo has seven directors. Getz is Executive Vice President and Chief Financial and Operations Of- ficer of Butterfly Network Inc. She has more than 25 years of corporate experience creating long-term value through financial, general management, and healthcare leadership as well as significant expertise in finance, reimbursement, investor relations, com- pliance, M&A and strategic planning.


Michael P. Dickerson joined Twin Vee Powercats Co. as Chief Financial & Administrative Officer. He has 35 years of corporate experience in multi-billion dollar publicly traded and private companies, including Dor- man Products, Inc., Aaron’s Inc., Gannett Co., Inc., Te Babcock & Wilcox Company, General Cable Corpora- tion, and Belden, Inc. He has spent most of his career in senior and executive level finance and operational roles including finance and accounting, treasury, inves- tor relations and corporate communications, risk management, and other related roles. He most re- cently served in a consulting capacity at Savannah River Logistics as its Executive Vice President, Chief Financial & Administrative Officer, and Treasurer. IR


IR UPDAT E ■ SPRING 2 0 24 5


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