1. Short title This Act may be cited as the Brokaw Act . 2. Beneficial ownership and short interests (a) Amendments to rule 13d–1 (1) In general Not later than 1 year after the date of enactment of this Act, the Securities and Exchange Commission shall amend section 240.13d–1 of title 17, Code of Federal Regulations, by striking subsection (a) and inserting the following: (a) Any person who— (1) after directly or indirectly acquiring the beneficial ownership of any equity security of a class described in subsection (i), is directly or indirectly the beneficial owner of more than 5 percent of the class shall, not later than 4 business days after the acquisition, file with the Commission a statement containing the information required by Schedule 13D, as described in section 240.13d–101; and (2) after acquiring a direct or indirect short interest in an equity security of a class described in subsection (i), has a direct or indirect short interest representing more than 5 percent of the class shall, not later than 4 business days after the acquisition, file with the Commission a statement containing information that is substantially similar to the information required by Schedule 13D, as described in section 240.13d–101. . (2) Promulgation of regulation Not later than the date on which the Securities and Exchange Commission makes the amendments required by paragraph (1), the Commission shall promulgate a regulation detailing the information that shall be submitted to the Commission under section 240.13d–1(a)(2) of title 17, Code of Federal Regulations, as added by paragraph (1). (b) Amendments to rule 13d–3 Not later than 1 year after the date of enactment of this Act, the Securities and Exchange Commission shall amend section 240.13d–3 of title 17, Code of Federal Regulations— (1) in subsection (a)— (A) in the undesignated matter preceding paragraph (1), by striking and 13(g) and inserting , 13(g), and 13(s) ; (B) in paragraph (1), by striking and/or,