Almost two long years following the announcement of proposed rules revising the framework for regulating initial public offerings and business combinations of special purpose acquisition companies (SPACs), the US Securities and Exchange Commission (SEC) adopted in a three-two vote final rules on the topic. While much has changed in the SPAC market since the SEC’s proposed rules were announced – notably a cooling in the face of regulatory and economic headwinds – the final rules largely enact the SEC’s proposals from March 2022.
The US Securities and Exchange Commission (SEC) recently adopted amendments to the rules governing beneficial ownership reporting under Sections 13(d) and 13(g) of the Securities Exchange Act of 1934, as amended. Among other changes, the amendments accelerate the deadlines for initial and amended Schedule 13D and Schedule 13G filings. The amendments will become effective on February 5, 2024. However, compliance with the revised Schedule 13G filing deadlines will not be required until September 30, 2024.