Neither section 3(a) nor section 13(d) of the Exchange Act defines the term “beneficial owner” or “beneficial ownership.” Regulation 13D-G similarly does not expressly define those terms. To provide clarity, the Commission adopted Rule 13d-3, which provides standards for the purpose of determining whether a person is a beneficial owner subject to section 13(d) and section 13(g).442 Over the years, some observers have raised concerns about the ability of investors in cash-settled derivative securities to influence or control an issuer by, for example, pressuring a counterparty to the derivative transaction to make certain decisions regarding the voting and disposition of substantial blocks of securities of the reference issuer.443 To address these and related concerns,444 the Commission proposed new Rule 13d-3(e).