NorthWest Biotherapeutics Inc (NWBO)

[koman]

I don't think that there is an exemption for equity funds. That is one of the reasons why such funds try to own less than 5% so they can avoid filing these SEC forms. Thing is that most intelligent people in this business knows about the legal requirements but may choose to not follow them on a timely basis. A penalty they may get in the future but the advantages of not disclosing whether they are buying or selling may be too lucrative. The risk/benefit scale seems to shift towards not following certain SEC or even FDA regulations until the penalties become severe enough to cause compliance from everyone. I don't think that the SEC is there yet in regards to enforcing these filing rules - which should bother investors who will be kept in the dark until it is too late.