SEC Adopts New Rules For Share Buyback Disclosures

On May 3, 2023, the U.S. Securities and Exchange Commission (SEC) adopted new rules governing the disclosure requirements regarding repurchases of an issuer's equity securities, commonly referred to as share "buyback" or repurchase programs¹.

What you need to know

• The new SEC share repurchase disclosure requirements will affect all issuers that have securities listed on a U.S. national securities exchange or otherwise have a class of equity securities registered under Section 12 of the U.S. Securities Exchange Act of 1934, as amended (Exchange Act), but will not be applicable for Canadian issuers reporting under the multijurisdictional disclosure system (MJDS)².
• Non-MJDS foreign private issuers (FPIs) will be required to disclose the daily quantitative share repurchase information quarterly on a new Form F-SR beginning with the first full fiscal quarter commencing on or after April 1, 2024, and will be required to provide narrative disclosures regarding