Securities and Exchange Commission 2023 – Federal Register Recent Federal Regulation Documents

The Securities and Exchange Commission (``Commission'') is adopting amendments to certain rules that govern beneficial ownership reporting. The amendments generally shorten the filing deadlines for initial and amended beneficial ownership reports filed on Schedules 13D and 13G. The amendments also clarify the disclosure requirements of Schedule 13D with respect to derivative securities. We also are expanding the timeframe within a given business day by which Schedules 13D and 13G must be filed, and separately requiring that Schedule 13D and 13G filings be made using a structured, machine-readable data language. Further, we discuss how, under the current rules, an investor's use of a cash-settled derivative security may result in the person being treated as a beneficial owner of the class of the reference equity security. We also are providing guidance on the application of the current legal standard found in section 13(d)(3) and 13(g)(3) of the Securities Exchange Act of 1934 to certain common types of shareholder engagement activities. Finally, we are making certain technical revisions.

The Securities and Exchange Commission (``SEC'' or ``Commission'') is adopting a new rule under the Securities Exchange Act of 1934 (``Exchange Act'') to increase the transparency and efficiency of the securities lending market by requiring certain persons to report information about securities loans to a registered national securities association (``RNSA''). The new rule also requires certain confidential information to be reported to an RNSA to enhance an RNSA's oversight and enforcement functions. Further, the new rule requires that an RNSA make certain information it receives, along with daily information pertaining to the aggregate transaction activity and distribution of loan rates for each reportable security, available to the public.

Applicant, a closed-end investment company, seeks an order declaring that it has ceased to be an investment company. On July 10, 2023, applicant made liquidating distributions to its shareholders based on net asset value. Expenses of $49,714 incurred in connection with the liquidation were paid by the applicant and the applicant's investment advisor. Applicant also has retained approximately $6,850,674 for the purpose of paying an outstanding tax liability. Filing Date: The application was filed on September 22, 2023. Applicant's Address: 200 West Street, New York, New York 10282.

The Securities and Exchange Commission (``Commission'') is publishing notice of the text of the adopted amendment to the National Market System Plan Governing the Consolidated Audit Trail (``CAT NMS Plan'') in connection with the Commission's issuance of Release No. 34- 98738, ``Short Position and Short Activity Reporting by Institutional Investment Managers'' (``Adopting Release''), published elsewhere in this issue of the Federal Register.

The Securities and Exchange Commission (SEC) proposes to establish SEC-36, Harassment Prevention and Response Program Records under the Privacy Act of 1974. The information in the system concerns internal inquiries and/or investigations into allegations of harassment reported to SEC by applicants for employment, current and former SEC employees, fellows, interns, and individuals who conduct business with the SEC; and resolutions of allegations of workplace harassment. The Harassment Prevention and Response Program addresses harassment concerns that are raised separate and apart from harassment claims that may also be raised under the procedures for administrative equal employment opportunity complaints.