Earlier this month, the SEC readopted rules to ensure that its current definition of “beneficial ownership” would continue to apply to persons who purchase or sell security-based swaps (“SBS”) on and after July 16, 2011.  The reproposal was prompted by Dodd-Frank’s addition of Section 13(o) to the Exchange Act, which would have otherwise excluded security-based swaps from the disclosure and short-swing profit rules.  The SEC did not give any guidance as to when SBS constitute beneficial ownership for Section 13.  However, the SEC staff is evaluating possible changes to the Section 13 reporting requirements but the outcome and timing of that evaluation remains uncertain.  Here’s a copy of the Davis Polk memo describing the new rule.