Orm Sr News Today

SEC: The new disclosure must be presented in an exhibit to the company’s Forms 10-Q and 10-K, as applicable, which is deemed filed with the SEC as opposed to furnished. Under revised Item 703 of Regulation S-K, the monthly repurchase disclosure table has been eliminated

SEC proposed to amend its rules to require issuers to disclose share repurchases on a new Form SR which must be furnished before the end of the first business day on which the share repurchase has been executed.  Unfortunately, this requirement is fraught with ambiguities.

The cover page of the SEC staff's report states The Commission has expressed no view regarding the analysis, findings, or conclusions contained herein.  Nonetheless, the SEC distances itself from the staff's conclusion in footnote 80 of the proposed rule release.