U.S. SEC Adopts Share Repurchase Disclosure Rules

On May 3, 2023, the U.S. Securities and Exchange Commission (SEC) adopted amendments to its rules that will require additional detail regarding the structure of share repurchase plans or programs and share repurchases by corporate issuers and listed closed-end funds, require the filing of daily quantitative repurchase data on a periodic basis, and eliminate the requirement to disclose monthly repurchase data in an issuer's periodic reports.¹ The amendments also expand the existing periodic disclosure requirements about share repurchases and, for certain issuers, will require periodic disclosure regarding an issuer's adoption and termination of Rule 10b5-1 trading arrangements.

Specifically, under the final amendments, issuers will be required to: