SEC Requires New Disclosures In Periodic Reports On Share Repurchases

On May 3, 2023, the US Securities and Exchange Commission (SEC) adopted amendments to the share repurchase disclosure rules that require the disclosure of daily share repurchase activity on a quarterly basis by domestic issuers and foreign private issuers and on a semi-annual basis by registered closed-end management investment companies (Listed Closed-End Funds). Domestic issuers are required to comply with these amendments beginning with their first periodic report that covers the first full fiscal quarter commencing on or after October 1, 2023. Foreign private issuers are required to file a new Form F-SR on a quarterly basis to comply with the amendments beginning with their first full fiscal quarter that commences on or after April 1, 2024, and must provide additional disclosures in their first Form 20-F following their first Form F-SR filing. Listed Closed-End Funds must comply beginning with their Form N-CSRs that cover the first six-month period that starts on