In The News

U.S. – SEC Chairman Atkins Issue Statement on 13f-2 Short Selling Rule

On 5 September 2025, the SEC Chairman, Paul Atkins issued a statement in response to the Fifth Circuit Court's decision issued in August on the 13f-2 short selling and securities lending rules. Background The Court did not vacate the rules; The Court held that the SEC had not properly considered their cumulative economic impact; and…
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Pakistan – SEC Shareholding Change Reporting

On 20 August 2025, PAK SEC issued proposal re substantial shareholding reporting. PAK SEC proposed amendments to Companies regulations 2024 re shareholding change reporting requirements. Follows PAK SEC March 2024 issued circular re filing return with the registrar. Overview of Draft Amendments Non-listed companies must report substantial shareholding, membership, or voting rights changes exceeding 25%…
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Japan – FSA Substantial Shareholding Reporting

On 26 August 2025, JPN FSA compiled substantial shareholding reporting laws, Q&A. JPN FSA published the Summary of laws, regulations, and Q&As concerning material proposal acts and joint holders under the substantial shareholding reporting system toward constructive dialogue between institutional investors and investee companies. Outline of Summary Summary reflects the Japanese stewardship code revised in June…
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U.S. – Fifth Circuit Court Remands 13f-2 Rule to SEC

On 25 August 2025, the Fifth Circuit Court issued its opinion on the case of National Association of Private Fund Managers (NAPF) v. SEC. Background lawsuit brought against SEC after SEC approved both the 13f-2 short position reporting rules and Rule 10c-1a Securities Lending Rules back in 2023 the Court has remanded both Rules in…
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