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On June 22, the updated proposed guidance was published in the Federal Register, along with a Request for Comments.

[4] Specifically, Congress modified §13(d)(1) of the Exchange Act to read, “within ten days after such acquisition, .” [5] With this modification, Congress acknowledged the issue and laid the legislative groundwork for needed reform in this area.

Current Rules Inadequate Prior to the adoption of the Williams Act in 1968, prospective acquirers could and often did purchase large amounts of stock before initiating a public tender offer.

In one highly-publicized situation from 2010, two hedge funds were able to acquire a total of approximately 27 percent ownership of J. Penney prior to filing their required Schedule 13D.

[7] The use of open market purchases, forward purchases, call options and total return swaps, including during the 10-day window after crossing the 5 percent threshold, permitted the hedge funds to acquire the stock at a substantially lower price from unwitting shareholders than would have been possible with stricter disclosure rules.

In updating this particular guidance, CDC will consolidate recommendations into a comprehensive, easily accessible document.