Six "insiders" of public companies settled charges with the SEC for failing to file reports on their securities holdings and transactions in a timely manner. Five public companies were also charged for contributing to the violations.
The SEC extended the comment period on proposed amendments to rules governing beneficial ownership reporting until June 27, 2023. The SEC provided a supplemental analysis on the proposal's economic impact.
Commentary by Steven Lofchie
In remarks at the "Going Public in the 2020s" Conference, SEC Commissioner Mark T. Uyeda decried the decline in the number of companies going public and made several recommendations for reversing the trend, particularly for smaller companies, which he said would benefit Main Street investors.
The effective date for SEC amendments to Exchange Act Rule 10b5-1 is February 27, 2023.
The SEC adopted amendments to Exchange Act Rule 10b5-1. The amendments will increase obligations for parties seeking the insider trading safe harbor provisions, including expanded disclosure requirements.