As first reported on the Official Activist Investing Blog, Wachtell Lipton announced yesterday that it filed a petition with the SEC seeking to change Section 13(d) rules of the Securities Exchange Act of 1934. Among other things, the petition asks that the 13D rules be changed to require 5% accumulations of public company stock to be disclosed in one day rather than ten. The rulemaking would be permitted by Section 929R of the Dodd-Frank Act.
The rule making petition can be found here.
Check dodd-frank.com frequently for updates on the Dodd-Frank Act and other important securities law matters.