The period of time an investor who buys more than 5% of a publicly-traded company has before it must file with the SEC. That is, the investor has 10 days to announce that it has purchased more than 5% of the company. This requirement is intended to give the investor an appropriate amount of time to organize his/her records while also encouraging transparency in the market.
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The span of time between the point when an individual or a company buys 5% or more of a firm's stock and the point at which the purchase must be publicly reported.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.