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00:02The Securities and Exchange Commission said U.S. activist investors must disclose the
00:06identities of clients' financing campaigns through regulatory filings, according to Reuters.
00:11The updated guidance applies to 13 D-filings and proxy statements.
00:16Investors in entities formed to acquire shares and pursue changes at a specific company
00:20must be identified. Clients who invest more than $500 in limited partnerships
00:25seeking shareholder votes to replace directors may also be considered campaign participants.
00:30The interpretation could affect hedge funds that use special-purpose vehicles,
00:35known as sidecars, to finance investments in individual companies.
00:39Hedge funds argue that revealing client identities could help competitors and limit returns.
00:44Companies targeted by activists say greater transparency is needed to understand who is
00:49backing campaigns and defend against efforts to change their boards.
00:52For all things money, visit Benzinga.com.
00:55For all things money, visit Benzinga.com.
00:55First entender – Go ahead, he sent he knew he did a lot of the details before man MARAI,
00:55Now I'll come back to Benzinga.com.
00:56Please feel the wert down that you've got to
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