Laura Anthony Esq

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Schedule 13D

SEC Publishes CFI On “Participant” Status For Activist Fund Investors In Proxy Solicitations And Disclosures On Schedule 13D

On July 9, 2026, the SEC’s Division of Corporation Finance released three crucial new Corporation Finance Interpretation (CFI), clarifying participant status in proxy solicitations. This positive development represents a major victory for public companies, shielding them from expensive, disruptive board battles funded by anonymous activist syndicates. The updated CFI is perfectly aligned with the agency’s “minimum effective dose” strategy championed by Chairman Paul Atkins to revitalize our capital markets and remove unnecessary regulatory friction (see my previous blog HERE). 

Under this business-first paradigm, the federal framework is designed to support corporate stability, allowing management to focus precious resources on growth rather than costly defensive maneuvers. While the largest enterprises can absorb the multi-million dollar costs of proxy contests, smaller issuers frequently face severe intimidation fromcactivists who prioritize political or social goals over financial health. By forcing these funding sources out of the shadows, the regulatory update has provided a powerful shield for corporate America.

CFI Question 155.02 Read More »

SEC、委任状勧誘におけるアクティビスト・ファンド投資家の「参加者」該当性およびSchedule 13D上の開示に関するCFIを公表

2026年7月9日、SEC企業財務部は、委任状勧誘における「参加者」の該当性を明確化する、3件の重要な新たな企業財務解釈(CFI)を公表しました。この前向きな動きは、匿名のアクティビスト・シンジケートから資金提供を受けた、高コストで企業活動を混乱させる取締役会をめぐる争いから公開会社を守るうえで、大きな勝利となるものです。今回更新されたCFIは、ポール・アトキンス委員長が資本市場の活性化と不要な規制上の摩擦の解消を目的として推進する「必要最小限の有効な措置」という戦略とも完全に整合しています(以前のブログはこちらをご覧ください)。 

この企業を第一に考える考え方の下では、連邦法制の枠組みは企業の安定性を支えるよう設計されており、経営陣が貴重な経営資源を高コストな防衛策ではなく、成長に集中できるようにすることを目的としています。大企業であれば、委任状争奪戦に伴う数百万ドル規模の費用を吸収することも可能ですが、小規模な発行会社は、財務の健全性よりも政治的または社会的な目標を優先するアクティビストから、深刻な威圧を受けることが少なくありません。こうした資金源を明るみに出すことで、今回の規制上の見直しは、米国企業に強力な防御策を提供するものとなっています。

CFI質問155.02

新たなCFIである質問155.02は、アクティビスト・シンジケートが一般的に利用してきた戦術的な抜け穴に対処するものです。従来、アクティビスト・グループは、対象会社の株式を取得する際に、その背後にいる資金提供者の身元を開示せずに済むよう、リミテッド・パートナーシップ(LP)や共同投資プールを設立することがありました。こうした受け皿となる事業体を介することで、富裕な投資家はSchedule 14Aに基づく公開開示義務を回避しながら、委任状争奪戦にひそかに資金を提供することが可能でした。

この慣行に対処するため、SECは重要な技術的論点について次のように回答しました。

質問:特定の登録会社の証券を取得し、その登録会社の次回株主総会において取締役会の構成を変更するための委任状勧誘を行うことを目的として、ある事業体(例:リミテッド・パートナーシップ)が設立されたとします。当該事業体への投資予定者には、資金の具体的な使用目的について、対象となる登録会社の名称や予定されている委任状勧誘の目的を含め、事前に説明されています。この場合、当該事業体の投資家は、予定されている勧誘に関して、Schedule 14AのItem 4に対するInstruction 3(a)(iv)に定める「参加者」、すなわち「委任状勧誘に資金を提供する者、または他者と共同して資金を提供する者。ただし、拠出額が500ドル以下で、かつその他の点で参加者に該当しない者を除く」に該当しますか。

回答:はい。当該事業体に500ドルを超えて出資した各投資家について、参加者に該当します。 

連邦委任状規則では、勧誘における「参加者」には、その活動に資金を提供する者、または他者と共同して資金を提供する者が含まれますが、500ドル以下しか拠出していない者は除外されます。SECは今回、このような構造を利用した規制上の裁定取引の余地を封じました。新たに公表されたガイダンスは、あらかじめ特定された登録会社を対象に委任状争奪戦を行うという明確な目的で資金を集めるために事業体が設立された場合、500ドルを超えて出資したすべての投資家が「参加者」の定義に明確に該当することを確認しています。

その結果、これらの投資家は委任状関連資料において参加者として特定されなければなりません。各投資家の株式保有状況、取引履歴、潜在的な利益相反は、公開提出書類において明らかにされることになります。この透明性は、公開会社の取締役会および経営陣にとって重要な防御手段となります。

CFI 110.09:アクティビストSPVの資金提供者の実態を明らかにする

CFI質問110.09は、新たなSchedule 14AのガイダンスとSchedule 13Dの要件とを整合させるものです。アクティビスト・グループがリミテッド・パートナーシップ(LP)や共同投資プールを設立する場合、従来はSchedule 13Dの提出に際し、株式取得のための資金を「パートナーシップの運転資金」などと一般的に記載し、主要な投資家の身元を事実上匿名のままにしておくことが一般的でした。

企業財務部は今回、投資家の意図と対象が事前に特定されているかどうかに着目することで、この慣行を否定しました。

質問:特定の発行会社の証券を取得し、その発行会社に対してアクティビスト活動を行うことを目的として、ある事業体(例:リミテッド・パートナーシップ)が資金調達のために設立されたとします。当該事業体への投資予定者には、対象となる発行会社の名称を含め、資金の具体的な使用目的が事前に説明されています。当該事業体が、その発行会社の証券に関する実質的所有権をSchedule 13Dで報告する義務を負う場合、当該事業体の投資家の身元もSchedule 13Dで開示する必要がありますか。

回答:はい。Schedule 13DのItem 3では、購入代金の一部が「当該証券を取得、保有、取引または議決権行使する目的で調達された」資金によって賄われている場合、その資金を取得した取引の内容および当該取引の当事者の名称をSchedule 13Dの提出書類で開示しなければならないと定めています。したがって、特定の発行会社の証券を取得し、その発行会社に対してアクティビスト活動を行う目的で設立された事業体の投資家の身元は、開示する必要があります。[2026年7月9日]

スタッフは、事前に対象を認識していたかどうかと開示義務を直接結び付けることで、Item 3の文言をそのまま適用しています。リミテッド・パートナーが、対象となる発行会社とその株式を正確に把握したうえで投資プールに資金を拠出しているのであれば、それは事前に特定された具体的な株式取得への資金提供に当たります。その結果、各投資家の身元は、提出されるSchedule 13Dにおいて資金提供者として開示されなければなりません。

CFI 110.10:Instruction Cに基づく開示義務は代替的ではなく累積的

これに関連する更新であるCFI質問110.10は、パートナーシップに関する開示をめぐって繰り返し生じてきた別の技術的論点に対応するものです。Schedule 13DのInstruction Cでは、報告者がパートナーシップ、法人、その他のグループである場合、一定の関係事業体および支配権を有する者についても情報を提供しなければなりません。一部の提出書類では、アクティビスト側の事業体が、Instruction CはItems 2~6に基づく必要な開示を制限または置き換えるものであり、その規定に明示的に記載された者にのみ開示義務が及ぶと主張していました。

SECはこの主張を明確に退け、Instruction Cに基づく要件は累積的なものであると明らかにしました。

質問:Schedule 13Dの報告者が自然人ではなく、ジェネラル・パートナーシップまたはリミテッド・パートナーシップである場合、Schedule 13DのInstruction Cは、Schedule 13DのItems 2~6に対する回答として開示すべき情報を、Instruction Cに記載された者または事業体に関する情報のみに限定するものですか。

回答:いいえ。Schedule Read More »

SEC Publishes New CD&I On Schedule 13D-G

In October 2023, the SEC adopted final amendments to Sections 13(d) and 13(g) of the Exchange Act.  To review the final amendments see HERE and HERE.  In March 2025, the SEC published a few CD&I’s related to the new amendments (see HERE).

The amendments updated Sections 13(d), 13(g) and Regulation 13D-G to accelerate filing deadlines for both initial and amended reports; expand the timeframe within a business day in which filings may be timely made; clarify the Schedule 13D disclosure requirements with respect to derivative securities; and require that Schedule 13D and 13G filings be filed using XBRL.

On July 11, 2025, the SEC published 18 revised CD&Is on the filing of Schedules 13D and 13G.  Many of the changes are clean-up, clarification and updates to align the guidance with the October 2023 amendments.

Section 13(d)

Two of the revised CD&I address Section 13(d) of the Exchange Act.

Revised CD&Is 101.01 and 103.01 confirm that when a company Read More »

SEC Publishes CD&I On Form S-3, Regulation S-K, Form 20-F, And Section 13

On March 20, 2025, the SEC published several updates to its compliance and disclosure interpretations (“CD&I”) related to Forms S-3 and 20-F, and Regulation S-K. The new CD&I importantly allow all issuers, not just well-known seasoned issuers (“WKSIs”) to go effective on Form S-3 registration statements between the filing of a Form 10-K and the filing of the proxy statement containing Form 10-K Part III disclosures.

Earlier, on February 11, 2025, the SEC published one revised and one new CD&I related to Section 13 filings on Schedules 13D and 13G.

Form S-3/Securities Act Rules

Revised CD&Is 114.05 and 198.05 confirm that a Form S-3 ASR and a non-automatically effective Form S-3 may be filed and declared effective after a company files its Form 10-K but prior to filing its Part III information in either a proxy statement or amended Form 10-K.  However, the SEC notes that companies are responsible for ensuring that any prospectus used in connection with Read More »

Section 13 – Beneficial Shareholder Reporting Requirements – Part II

As discussed last week, the SEC has adopted final amendments to Sections 13(d) and 13(g) of the Securities Exchange Act of 1934 (“Exchange Act”).  The amendments were first proposed in February, 2022 – see HERE.

The amendments update Sections 13(d), 13(g) and Regulation 13D-G to accelerate filing deadlines for both initial and amended reports; expand the timeframe within a business day in which filings may be timely made; and require that Schedule 13D and 13G filings be filed using XBRL.

The final rules do not adopt proposed changes to determine beneficial ownership where a person holds cash settled derivative securities but rather refer to guidance on the subject.  Likewise, the final rules do not adopt many changes that had been proposed to clarify the circumstances under which two or more persons have formed a “group” that would be subject to beneficial ownership reporting obligations; or to provide new exemptions to permit certain persons to communicate and consult with one Read More »

Section 13 – Beneficial Shareholder Reporting Requirements – Part 1

Barely two weeks after the SEC charged six officers, directors and five percent (5%) or greater shareholders with failing to timely file reports, the SEC adopted final amendments to Sections 13(d) and 13(g) of the Securities Exchange Act of 1934 (“Exchange Act”).  The amendments were first proposed in February, 2022 – see HERE.

The amendments update Sections 13(d), 13(g) and Regulation 13D-G to accelerate filing deadlines for both initial and amended reports; expand the timeframe within a business day in which filings may be timely made; clarify the Schedule 13D disclosure requirements with respect to derivative securities; and require that Schedule 13D and 13G filings be filed using XBRL.  I’ve included a chart of the amendments to Schedules 13D and 13G at the end of this blog.

The final rules do not adopt changes that had been proposed to clarify the circumstances under which two or more persons have formed a “group” that would be subject to beneficial ownership reporting Read More »

SEC Issues New C&DI On Abbreviated Debt Tender And Debt Exchange Offers

The SEC has been issuing a slew of new Compliance and Disclosure Interpretations (“C&DI”) on numerous topics in the past few months. On November 18, 2016, the SEC issued seven new C&DI providing guidance on tender offers in general as well as on abbreviated debt tender and debt exchange offers, known as the Five-Day Tender Offer. The guidance related to the Five-Day Tender Offer clarifies a previously issued January 2015 no-action letter on the subject. As I have not written on the subject of tender offers previously, I include a very high-level summary of tender offers in general and together with specific discussion on the new C&DI.

What Is a Tender Offer?

A tender offer is not statutorily defined, but from a high level is a broad solicitation made by a company or a third party to purchase a substantial portion of the outstanding debt or equity of a company. A tender offer is set for a specific period Read More »

SEC Small Business Advisory Committee Public Company Disclosure Recommendations

On September 23, 2015, the SEC Advisory Committee on Small and Emerging Companies (the “Advisory Committee”) met and finalized its recommendation to the SEC regarding changes to the disclosure requirements for smaller publicly traded companies.    

By way of reminder, the Committee was organized by the SEC to provide advice on SEC rules, regulations and policies regarding “its mission of protecting investors, maintaining fair, orderly and efficient markets and facilitating capital formation” as related to “(i) capital raising by emerging privately held small businesses and publicly traded companies with less than $250 million in public market capitalization; (ii) trading in the securities of such businesses and companies; and (iii) public reporting and corporate governance requirements to which such businesses and companies are subject.”

The topic of disclosure requirements for smaller public companies under the Securities Exchange Act of 1934 (“Exchange Act”) has come to the forefront over the past year.  In early December the House passed the Disclosure Modernization and Read More »

Will the Disclosure Modernization and Simplification Act of 2014 Simplify Reporting Requirements for ECG’s and Smaller Reporting Companies?

ABA Journal’s 10th Annual Blawg 100

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In early December the House passed the Disclosure Modernization and Simplification Act of 2014, which will now go to the Senate for action—or inaction, as the case may be.

The bill joins a string of legislative and political pressure on the SEC to review and modernize Regulation S-K to eliminate burdensome, unnecessary disclosure with the dual purpose of reducing the costs to the disclosing issuer and ensure readable, material information for the investing public.

The Disclosure Modernization and Simplification Act of 2014, if passed, would require the SEC to adopt or amend rules to: (i) allow issuers to include a summary page to Form 10-K; and (ii) scale or eliminate duplicative, antiquated or unnecessary requirements in Regulation S-K.  In addition, the SEC would be required to conduct yet another study on all Regulation S-K disclosure requirements to determine how best to amend and modernize the rules to reduce costs and burdens while Read More »

SEC Files Dozens of Charges for Violations of the Section 16 and Section 13 Corporate Insider Reporting Requirements

ABA Journal’s 10th Annual Blawg 100

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Introduction

On September 10, 2014, the SEC filed 28 separate actions against officers, directors and major shareholders and an additional 6 actions against reporting companies, all stemming from violations of the reporting requirements contained in Sections 13 and 16 of the Securities Exchange Act of 1934, as amended (“Exchange Act”).  The SEC announced that it had created a task force to investigate violations using quantitative data sources and ranking algorithms to identify repetitive late filers.  The SEC settled with all but one of the charged for a total of $2.6 million in penalties.

The actions against insiders and major shareholders were based on direct violations of their individual reporting requirements.  The actions against reporting companies were for “contributing to” the violations.  In these cases, the companies had contractually agreed to take on the responsibility of making the filings for their insiders, and had been delinquent in doing so.

Historically the SEC has rarely Read More »

Schedule 13D and 13G Filing Requirements for Public Company Shareholders

ABA Journal’s 10th Annual Blawg 100

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A public company with a class of securities registered under Section 12 or which is subject to Section 15(d) of the Securities Exchange Act of 1934, as amended (“Exchange Act”) must file reports with the SEC (“Reporting Requirements”).  The underlying basis of the Reporting Requirements is to keep shareholders and the markets informed on a regular basis in a transparent manner.  Reports filed with the SEC can be viewed by the public on the SEC EDGAR website.  The required reports include an annual Form 10-K, quarterly Form 10Q’s and current periodic Form 8-K as well as proxy reports and certain shareholder and affiliate reporting requirements.

This blog discusses the “certain shareholder” filing requirements under Sections 13d and 13g of the Exchange Act, Regulation 13D-G beneficial ownership reporting and related Schedules 13D and 13G.  This blog is a summary of the large body of rules and interpretations related to Sections 13d and 13g, Read More »

Public Company SEC Reporting Requirements

A public company with a class of securities registered under either Section 12 or which is subject to Section 15(d) of the Securities Exchange Act of 1934, as amended (“Exchange Act”) must file reports with the SEC (“Reporting Requirements”).  The underlying basis of the Reporting Requirements is to keep shareholders and the markets informed on a regular basis in a transparent manner.   Reports filed with the SEC can be viewed by the public on the SEC EDGAR website.  The required reports include an annual Form 10-K, quarterly Form 10Q’s and current periodic Form 8-K as well as proxy reports and certain shareholder and affiliate reporting requirements. 

A company becomes subject to the Reporting Requirements by filing an Read More »

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