{"id":139,"date":"2024-05-22T16:47:43","date_gmt":"2024-05-22T16:47:43","guid":{"rendered":"https:\/\/www.schedule13d.com\/?page_id=139"},"modified":"2024-05-25T19:30:18","modified_gmt":"2024-05-25T19:30:18","slug":"b-proposed-amendment-to-rule-13d-3-regarding-the-use-of-cash-settled-derivative-securities","status":"publish","type":"page","link":"https:\/\/www.schedule13d.com\/index.php\/instructions-for-13d\/table-of-contents\/b-proposed-amendment-to-rule-13d-3-regarding-the-use-of-cash-settled-derivative-securities\/","title":{"rendered":"B. Proposed Amendment to Rule 13d-3 Regarding the Use of Cash-Settled Derivative Securities"},"content":{"rendered":"\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\n<p>Neither section 3(a) nor section 13(d) of the Exchange Act defines the term \u201cbeneficial owner\u201d or \u201cbeneficial ownership.\u201d Regulation 13D-G similarly does not expressly define those terms. To provide clarity, the Commission adopted Rule 13d-3, which provides standards for the purpose of determining whether a person is a beneficial owner subject to section 13(d) and section 13(g).<a href=\"https:\/\/www.schedule13d.com\/long_schedule_13d_Info.php#fn442\"><sup>442<\/sup><\/a>&nbsp;Over the years, some observers have raised concerns about the ability of investors in cash-settled derivative securities to influence or control an issuer by, for example, pressuring a counterparty to the derivative transaction to make certain decisions regarding the voting and disposition of substantial blocks of securities of the reference issuer.<a href=\"https:\/\/www.schedule13d.com\/long_schedule_13d_Info.php#fn443\"><sup>443<\/sup><\/a>&nbsp;To address these and related concerns,<a href=\"https:\/\/www.schedule13d.com\/long_schedule_13d_Info.php#fn444\"><sup>444<\/sup><\/a>&nbsp;the Commission proposed new Rule 13d-3(e).<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column has-small-font-size is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:25%\">\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.schedule13d.com\/index.php\/instructions-for-13d\/\" data-type=\"page\" data-id=\"37\">Instructions for 13D<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.schedule13d.com\/index.php\/instructions-for-13d\/table-of-contents\/\" data-type=\"page\" data-id=\"52\">Table of Contents<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.schedule13d.com\/index.php\/instructions-for-13d\/table-of-contents\/introduction\/\" data-type=\"page\" data-id=\"58\">Introduction<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.schedule13d.com\/index.php\/instructions-for-13d\/table-of-contents\/amendments-to-rules-13d-1-and-13d-2-and-rules-13-and-201-of-regulation-s-t-to-revise-filing-deadlines-and-filing-date-assignment\/\" data-type=\"page\" data-id=\"62\">A. Amendments to Rules 13d-1 and 13d-2 and Rules 13 and 201 of Regulation S-T<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.schedule13d.com\/index.php\/instructions-for-13d\/table-of-contents\/b-proposed-amendment-to-rule-13d-3-regarding-the-use-of-cash-settled-derivative-securities\/\" data-type=\"page\" data-id=\"139\">B. Proposed Amendment to Rule 13d-3 Regarding The Use of Cash-Settled Derivative Securities<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.schedule13d.com\/index.php\/instructions-for-13d\/table-of-contents\/c-proposed-amendments-to-rule-13d-5\/\" data-type=\"page\" data-id=\"165\">C. Proposed Amendments to Rule 13d-5<\/a><\/li>\n<\/ul>\n<\/div>\n<\/div>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a>1. <\/a><a href=\"https:\/\/www.schedule13d.com\/index.php\/instructions-for-13d\/table-of-contents\/b-proposed-amendment-to-rule-13d-3-regarding-the-use-of-cash-settled-derivative-securities\/b1-proposed-amendment\/\" data-type=\"page\" data-id=\"141\">Proposed Amendment<\/a><\/li>\n\n\n\n<li><a>2.<\/a><a href=\"https:\/\/www.schedule13d.com\/index.php\/instructions-for-13d\/table-of-contents\/b-proposed-amendment-to-rule-13d-3-regarding-the-use-of-cash-settled-derivative-securities\/2-comments-received\/\" data-type=\"page\" data-id=\"143\"> Comments Received<\/a><\/li>\n\n\n\n<li><a>3. <\/a><a href=\"https:\/\/www.schedule13d.com\/index.php\/instructions-for-13d\/table-of-contents\/b-proposed-amendment-to-rule-13d-3-regarding-the-use-of-cash-settled-derivative-securities\/3-commission-guidance\/\" data-type=\"page\" data-id=\"145\">Commission Guidance<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Neither section 3(a) nor section 13(d) of the Exchange Act defines the term \u201cbeneficial owner\u201d or \u201cbeneficial ownership.\u201d Regulation 13D-G similarly does not expressly define those terms. To provide clarity, the Commission adopted Rule 13d-3, which provides standards for the purpose of determining whether a person is a beneficial owner subject to section 13(d) and &hellip; <a href=\"https:\/\/www.schedule13d.com\/index.php\/instructions-for-13d\/table-of-contents\/b-proposed-amendment-to-rule-13d-3-regarding-the-use-of-cash-settled-derivative-securities\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;B. Proposed Amendment to Rule 13d-3 Regarding the Use of Cash-Settled Derivative Securities&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":52,"menu_order":3,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-139","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/www.schedule13d.com\/index.php\/wp-json\/wp\/v2\/pages\/139","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.schedule13d.com\/index.php\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.schedule13d.com\/index.php\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.schedule13d.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.schedule13d.com\/index.php\/wp-json\/wp\/v2\/comments?post=139"}],"version-history":[{"count":6,"href":"https:\/\/www.schedule13d.com\/index.php\/wp-json\/wp\/v2\/pages\/139\/revisions"}],"predecessor-version":[{"id":217,"href":"https:\/\/www.schedule13d.com\/index.php\/wp-json\/wp\/v2\/pages\/139\/revisions\/217"}],"up":[{"embeddable":true,"href":"https:\/\/www.schedule13d.com\/index.php\/wp-json\/wp\/v2\/pages\/52"}],"wp:attachment":[{"href":"https:\/\/www.schedule13d.com\/index.php\/wp-json\/wp\/v2\/media?parent=139"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}