SEC Postpones Effective Date Of New Share Buyback Rules

On November 22, 2023, the U.S. Securities and Exchange Commission (SEC) issued an order postponing the effective date of its previously adopted new rules¹ governing the disclosure requirements concerning repurchases of an issuer's equity securities, commonly referred to as share "buyback" or repurchase programs (Repurchase Rules). As we discussed in our May 2023 bulletin, the rules apply to 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), other than Canadian issuers reporting under the multijurisdictional disclosure system (MJDS).