On March 17, SEC reporting and compliance co-head Brian Breheny spoke on the panel “Beneficial Ownership and Cash-Settled Derivatives” at the AIMA Beneficial Ownership Policy Seminar. The panel covered SEC guidance on cash-settled derivative securities, the implications of the 2011 security-based swaps release and the 2023 adopting release, a case study on CXS Corp. v. The Children’s Investments Fund and compliance considerations for funds to mitigate inadvertent Section 13(d)/16 exposure.