The Case Of The Securities And Exchange Commission Essay

Senators Tammy Baldwin (D-WI) and Jeff Merkley (D-OR) introduced Bill S.2720 on March 17, 2016, which if enacted and implemented into law would be called the Brokaw Act. Currently, the Securities and Exchange Commission (SEC) requires beneficial owners to file for ownership and disclose their ownership interests if he/she owns more than 5% of a registered class of security equity within 10 days. However, the Brokaw Act would reduce this disclosure period from 10 to 2 business days and require short interests disclosures pertaining to the security. Further, the Act would amend the SEC’s current definition of beneficial ownership from just ownership over securities with voting rights to an individual who has monetary or indirect monetary interest in the equity. The Act also broadens the definition of security ownership from an individual owner to include individuals acting as managers of transactions of the security, who have influence over management and who assist the individu al ‘beneficial owner’. Finally, the proposed act has received strong opposition from Activist Investors while Issuers, Shareholders, Pro-Business Conservatives and Corporate Board Members equally propose it. PURPOSE The Brokaw Act was named after a small town in Wisconsin that filed for bankruptcy when New York based Fund Company closed a paper mill that was responsible for most of the town’s job market. 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