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ARTICLE · 29 MAY 2023

SEC Amendments To Share Repurchase Disclosure Rules Impact BDCs And Exchange-Traded Registered Closed-End Funds

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On May 3, 2023, the Securities and Exchange Commission ("SEC") adopted amendments to its existing rules regarding disclosures about purchases of an issuer's equity securities...

United StatesFinance and Banking
John Mahon
John Mahon
Amina Batyreva
Amina Batyreva
Wendy Li
Wendy Li
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On May 3, 2023, the Securities and Exchange Commission ("SEC") adopted amendments to its existing rules regarding disclosures about purchases of an issuer's equity securities by or on behalf of the issuer or an affiliated purchaser, commonly referred to as "buybacks". The amended rules impact business development companies ("BDCs") and certain registered closed-end management investment companies that are exchange-traded ("Listed Closed-End Funds"), among other issuers. According to the SEC, the amendments are intended to provide investors with enhanced information to assess the purposes and effects of repurchases, including whether those repurchases may have been taken for reasons that may not increase an issuer's value.

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