Check whether a purchase crosses the federal beneficial-ownership line
Key facts
- Human involvement
- YellowClose supervision
- How AI is used
- Record the lawyer's beneficial-ownership figures before and after the transaction, and whether the class is one Rule 13d-1(i)(1) specifies. Do not apply a 20 per cent prohibition, and do not calculate beneficial ownership from the register.
- What the lawyer must review
- The lawyer calculates beneficial ownership and decides whether Rule 13d-1(a) applies. A person who, after acquiring directly or indirectly the beneficial ownership of an equity security of a class specified in paragraph (i)(1), is directly or indirectly the beneficial owner of more than five percent of the class, files a Schedule 13D within five business days after the acquisition. Paragraph (i)(1), as opened, covers a class registered under section 12 of the Exchange Act, a stated insurance-company security, and a security of a closed-end investment company registered under the Investment Company Act of 1940, and it excludes a class of non-voting securities. The rule does not prohibit the purchase.
- Written for / version
- United States versionUS
Who does what
| Role | What they do |
|---|---|
| Assistance | Potential support includes assembling provisional schedules. Confirm the tool’s capability and permitted scope. |
| Lawyer | Set the scope, supervise the work closely, verify every part relied on, resolve omissions and exceptions, and approve the exact output. |
Checklist
- Trace every relied-on figure to its source, confirm dates and assumptions, and independently recalculate totals or derived amounts.
- Calculate operative dates independently from the current rule and actual triggering event. Check exceptions and record the verified deadline.
- Obtain and inspect the relevant current official register or search result. Confirm identities, interests and the date and scope of the search.
- Confirm the output against the client’s instructions and the complete relevant source material, including omissions or contradictions.
- Resolve exceptions and record the responsible lawyer’s approval of the exact output and intended use.