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ARTICLE · 10 MAY 2023

SEC Modernizes Share Repurchase Rules With New Repurchase Disclosures

K&L Gates
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On 3 May 2023, the Securities and Exchange Commission (the SEC) adopted amendments to modernize the disclosure requirements relating to repurchases of an issuer's equity securities...

United StatesCorporate/Commercial Law
Erin Fogarty
Erin Fogarty
David McDonald
David McDonald

On 3 May 2023, the Securities and Exchange Commission (the SEC) adopted amendments to modernize the disclosure requirements relating to repurchases of an issuer's equity securities, including requiring issuers to provide information regarding daily repurchase activity. The disclosure must be provided on a quarterly or semi-annual basis, depending on the type of issuer. SEC Chair Gary Gensler stated the amendments "will increase the transparency and integrity of this significant means by which issuers transact in their own securities." While Chair Gensler notes that the disclosures will allow investors "to better assess issuer buyback programs," issuers that regularly conduct share repurchases will see increased recordkeeping and disclosure obligations as a result of these amendments.

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