SEC Extension Request for Form 3 Beneficial Ownership Reporting
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The notice keeps in place the SEC’s Form 3 reporting requirement, which asks company insiders to disclose their beneficial ownership of registered equity securities. It applies to directors, officers, and people who own more than 10% of a covered class of shares. There is no substantive rule change for companies or insiders. The SEC is asking OMB to extend approval for this information collection and to treat it as a common form because the Federal Reserve also uses the same collection. Form 3 filings remain mandatory and public through EDGAR.
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Key Changes
- Extends OMB approval for the SEC’s existing Form 3 information collection
- Requests designation of Form 3 as a common form because the Federal Reserve also uses it
- Keeps mandatory public reporting of insider beneficial ownership through EDGAR
Obligations
What this law requires
Reporting persons must file Form 3 disclosing their beneficial ownership of the issuer’s registered equity securities.
Form 3 filings must disclose required information about the reporting person and their beneficial ownership of the relevant class of securities.