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Large investors will have to report changes to their holdings more quickly under rule changes adopted by the U.S. Securities and Exchange Commission (SEC).

On Tuesday, the SEC endorsed changes to the rules regarding the required reporting of beneficial ownership positions, which will demand more timely reporting to regulators.

The amendments cut the deadline for initial filings by investors that own more than 5% of a company’s securities from 10 days to five days, and it reduces the time for revisions to these filings from five days to two days.

They also speed up other filing deadlines, clarify reporting requirements for derivatives, and mandate that these filings be made using a structured, machine-readable data language.

“Today’s adoption updates rules that first went into effect more than 50 years ago. Frankly, these deadlines from half a century ago feel antiquated,” said SEC chair Gary Gensler in a release.

“In our fast-paced markets, it shouldn’t take 10 days for the public to learn about an attempt to change or influence control of a public company.”

Industry trade group the Managed Funds Association (MFA) criticized the final rule.

“MFA remains concerned with the commission’s justification for moving notification from 10 days to five business days, cost-benefit analysis, and guidance included in the final rule regarding cash-settled derivative securities and group definition,” said Bryan Corbett, president and CEO of the the Washington, D.C.-based association, in a release.

The rule changes take effect 90 days after publication in the Federal Register, but investors have until Sept. 30, 2024 to comply with the new filing deadlines. Compliance with the structured data requirement will be required on Dec. 18, 2024. The other requirements take effect when the amendments come into force.