The SEC moves deliberately—and sometimes slowly. Other times, however, its most important changes are not immediately appreciated by the Bar. So it may be with the SEC's February 10th proposed new rules amending the disclosure of beneficial ownership under §13(d) of the Williams Act. Wachtell, Lipton, Rosen & Katz filed a petition asking the SEC to shorten the 10 day "window" under §13(d) of the Securities Exchange Act in May 2011, and on Feb. 10, 2022—a mere 11 years later—the SEC responded with proposed revised rules that would shorten the window from 10 days to 5 days (meaning that those who acquire over 5% of a class of an equity security of a public corporation will have to disclose their stake in half the time as before).