ADVOCACY
NIRI Advocacy Update and Priorities for 2024
Two new SEC Final Rules modernize Section 13(d) and regulate short-sale position disclosures while NIRI continues to work on other major issues, including the establishment of an SEC Public Company Advisory Committee. BY NIELS HOLCH
represent. Before we discuss our advocacy agenda for this
T
year, let’s review two Final Rules issued last fall by the Securities and Exchange Commission (SEC). Both improved the regulatory disclosures required to be made by activists and other large institutional investors:
niri.org/ irupdate
he NIRI advocacy team is off to a fast start in 2024, working on a series of advocacy initiatives to advance the interests of investor relations professionals and the public companies they
SEC Final Rule to Modernize Section 13(d) On October 10, 2023, the SEC adopted final amend- ments to modernize reporting under Section 13(d) of the Securities Exchange Act of 1934. Activists will be required to disclose a 5% equity position within five business days, down from the current 10 calendar days. Cash-settled equity swaps and other types of derivative instruments will be included in the 5% calculation, whenever there is a purpose to change or influence corporate control.
IR UPDAT E ■ WINT E R 2 0 24 31
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