Posted on December 22, 2023
Agenda: Amendments to US Large Shareholding Reporting Regulations
Speaker: Sadakazu Osaki, Chief Researcher, Nomura Research Institute
The US large shareholding reporting system, even after the stricter revision, is said to be much more lenient towards institutional investors than Japan (for example, reporting within 45 days of the end of the quarter when the shareholding exceeds 5%). In addition, there is criticism that the shortening of the deadline for submitting large shareholding reports will make it difficult for activist shareholders to buy up shares, leading to a setback in shareholder activism, while the SEC claims that "activist shareholders can still buy up shares" and that there will be no negative impact on activism, which is a major difference from Japan.
In Japan, the Financial Services Council is also discussing the review of the large shareholding reporting system, so we will learn about the US case.
