Broken Window

Jones Day Talks: Broken Window – The SEC’s Schedule 13D 10-Day Filing Period

The SEC requires anyone who acquires more than 5 percent ownership of any class of registered securities to file a Schedule 13D within 10 days, thereby disclosing their holdings and intentions. But the process has come under persistent criticism, as activist hedge funds and similar investors have used the 10-day window to conceal their accumulations.

Lizanne Thomas, leader of the Firm's corporate governance team, talks about the current wave of shareholder activism and explains why the SEC’s Schedule 13D 10-day filing window is in need of reform.

Broken Window

This podcast was produced as an accompaniment to Lizanne's article, Leveling the Hunting Field, a Reuters Breakingviews article, which can be found on

Podcast: Play in new window


Subscribe on Apple Podcasts
Subscribe on Android
Subscribe on Google Play
Subscribe on Stitcher


Jones Day publications should not be construed as legal advice on any specific facts or circumstances. The contents are intended for general information purposes only and may not be quoted or referred to in any other publication or proceeding without the prior written consent of the Firm, to be given or withheld at our discretion. To request reprint permission for any of our publications, please use our “Contact Us” form, which can be found on our website at The mailing of this publication is not intended to create, and receipt of it does not constitute, an attorney-client relationship. The views set forth herein are the personal views of the authors and do not necessarily reflect those of the Firm.

We use cookies to deliver our online services. Details of the cookies and other tracking technologies we use and instructions on how to disable them are set out in our Cookies Policy. By using this website you consent to our use of cookies.