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B. G., Opalesque Geneva:

Investors, including hedge funds, may have less time to disclose large stakes in the future if yesterday's U.S. Securities and Exchange Commission's proposed rules amendments are to be adopted.

The Commission has also been pushing for more transparency and security; it proposed to boost private fund advisers' transparency, and for registered investment advisers and funds to adopt and implement written cybersecurity policies and procedures.

Shorter filing deadline

The SEC proposed on February 10th rule amendments governing beneficial ownership. Investors currently don't have to divulge new stakes for 10 days after crossing the 5% threshold. The proposed amendments would accelerate the filing deadlines from 10 days to five days and require that amendments be filed within one business day.

"These amendments would update our reporting requirements for modern markets, reduce information asymmetries, and address the timeliness of Schedule 13D and 13G filings," said SEC Chair Gary Gensler. "Investors currently can withhold market moving information from other shareholders for 10 days after crossing the 5 percent threshold before filing a Schedule 13D, which creates an information asymmetry between these investors and other shareholders. The filing of Schedule 13D can have a material impact on a company's share price, s......................

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