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In May 2023, the Securities and Exchange Commission (SEC) amended its rules to significantly increase the disclosures public companies must make about repurchases of their equity securities.
On May 3, 2023, the Securities and Exchange Commission (SEC) adopted amendments to issuer share repurchase disclosure rules, aimed at providing investors with enhanced information to enable them to better “assess the efficiency, purposes, and impacts of share repurchases.”
On May 3, 2023, the SEC amended the disclosure requirements pertaining to issuer share repurchases. In the adopting release, the SEC noted that, although issuers often conduct share repurchases...
May 12, 2023, US Chamber of Commerce filed suit against the SEC in the Fifth Circuit asking for review of the SEC’s order approving the final rule, to prevent the implementation of the rules. The SEC has responded that it will vigorously defend the rule in court.
New rules require domestic issuers, foreign private issuers FPIs except those that file pursuant to Multijurisdictional Disclosure System, and registered closed-end management investment companies to provide additional share repurchases disclosures on behalf of the issuer.