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Disclosure Requirements Share Buybacks

Cooley LLP

Bring back the buyback rule?

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According to Bloomberg, there’s now a bipartisan push to re-propose the SEC’s stock buyback rule. As you may remember, the SEC’s Share Repurchase Disclosure Modernization rule, adopted in 2023, required quarterly reporting of...more

Woodruff Sawyer

Share Buybacks: Traps for the Unwary

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One notable feature of the stock market in 2024 is the number of public companies announcing share buybacks and the expectation that this trend will continue. While share buybacks are generally well-received by investors,...more

Orrick, Herrington & Sutcliffe LLP

Fifth Circuit Vacates SEC’s Share Repurchase Disclosure Rules

On December 19, 2023, the Fifth Circuit officially vacated the SEC’s share repurchase disclosure rules. As a result of the Court’s decision, companies will not need to comply with the now-vacated share repurchase disclosure...more

Dorsey & Whitney LLP

Fifth Circuit Vacates SEC Rules for Share Repurchase Disclosure

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We had previously reported that beginning with the next annual report on Form 10-K, most US-listed issuers would be required to make more extensive disclosures on their share repurchase programs and insider transactions...more

Kelley Drye & Warren LLP

Update to SEC Share Repurchase Disclosure Amendments: Fifth Circuit Vacates SEC New Repurchase Rule

Kelley Drye & Warren LLP on

On December 19, 2023, the U.S. Court of Appeals for the Fifth Circuit vacated the Securities and Exchange Commission’s (the ​“SEC”) final rule adopting amendments to share repurchase disclosure requirements (US Chamber of...more

Wyrick Robbins Yates & Ponton LLP

Fifth Circuit Vacates SEC Share Repurchase Rules

On December 19, 2023, the U.S. Court of Appeals for the Fifth Circuit vacated the Securities and Exchange Commission’s (SEC) share repurchase modernization rules. The court had previously ordered the SEC to correct certain...more

Foley Hoag LLP - Public Companies & the Law

Fifth Circuit Vacates SEC Buyback Disclosure Rule

On December 19, 2023, the Fifth Circuit Court of Appeals vacated the SEC’s share repurchase disclosure rule, which required issuers to: (i) report daily aggregate share repurchase data on a quarterly basis, (ii) indicate if...more

Cooley LLP

Fifth Circuit pulls the plug on SEC’s final share repurchase rule

Cooley LLP on

On October 31, the Fifth Circuit issued an opinion in Chamber of Commerce of the USA v. SEC, granting the Chamber’s petition for review of the SEC’s Share Repurchase Disclosure Modernization rule. The Court held that the “SEC...more

Orrick, Herrington & Sutcliffe LLP

Update on the SEC's Share Repurchase Disclosure Rules - What Should Companies Do Now?

On October 31, 2023, the Fifth Circuit ruled in Chamber of Commerce of the USA v. SEC that the SEC violated the Administrative Procedure Act when it adopted enhanced share repurchase disclosure rules. The Court provided the...more

Cooley LLP

SEC concedes unable to correct defects in buyback rule

Cooley LLP on

On October 31, the Fifth Circuit issued an opinion in Chamber of Commerce of the USA v. SEC, granting the Chamber’s petition for review of the SEC’s Share Repurchase Disclosure Modernization rule. The Court held that the “SEC...more

Cooley LLP

Some highlights of the 2023 PLI Securities Regulation Institute

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This year’s PLI Securities Regulation Institute was a source for a lot of useful information and interesting perspectives. Panelists discussed a variety of topics, including climate disclosure (although no one shared any...more

Wyrick Robbins Yates & Ponton LLP

SEC Share Repurchase Rule Suffers Legal Setback

As previously reported, the Securities and Exchange Commission (SEC) adopted amendments earlier this year to modernize existing disclosure requirements relating to companies’ repurchases of their equity securities. For...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Informed Board - Summer 2023

Short sellers make their money by publishing information that attacks a company in order to drive down its share price. How can a company prepare? And what should it not do in the face of a short attack? We offer some tips in...more

Mayer Brown Free Writings + Perspectives

SEC Posts C&DIs on Foreign Private Issuer Form F-SR Buyback Reporting

On August 30, 2023, the staff of the U.S. Securities and Exchange Commission posted three compliance and disclosure interpretations (“C&DIs”) providing guidance on Form F-SR.  Form F-SR is  the new form for a foreign private...more

Morrison & Foerster LLP

Top 5 SEC Enforcement Developments for May 2023

In order to provide an overview for busy in-house counsel and compliance professionals, we summarize below some of the most important SEC enforcement developments from the past month, with links to primary resources....more

Kelley Drye & Warren LLP

SEC Adopts Share Repurchase Disclosure Amendments

On May 3, 2023 the Securities and Exchange Commission (SEC) adopted amendments to modernize the disclosure requirements relating to share repurchases by issuers. The amendments include new tabular disclosures regarding daily...more

McCarter & English, LLP

SEC Issues New Rules for Public Company Stock Buybacks

On May 3, the Securities and Exchange Commission (SEC) approved new final rules after an extended period of public comments and review, requiring public companies to: •Disclose information regarding executed corporate share...more

Jones Day

SEC Adopts Final Rules Regarding Share Repurchases and Related Disclosures

Jones Day on

On May 3, 2023, the Securities and Exchange Commission adopted final rules regarding public company issuers' share repurchases and Rule 10b5-1 trading plans. Although the final rules are not as burdensome as the proposed...more

Kilpatrick

SEC Adopts New Share Repurchase Disclosure Rules

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On May 3, 2023, the Securities and Exchange Commission adopted amendments to modernize the disclosure requirements relating to repurchases of an issuer’s equity securities. The amendments are intended by the SEC to “improve...more

A&O Shearman

New Stock Buyback Disclosure Requirements

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On May 3, 2023, the SEC adopted new disclosure requirements for stock buybacks, including disclosure of daily share repurchase activity on a quarterly basis. These quarterly reports of daily share repurchase activity will be...more

BakerHostetler

SEC Adopts Amendments to Share Repurchase Disclosures

BakerHostetler on

Rulemaking Background - On Dec. 15, 2021, the SEC proposed amendments to the disclosure requirements regarding purchases of equity securities made by or on behalf of an issuer or any affiliated purchaser....more

Cooley LLP

Chamber sues SEC over share repurchase rules

Cooley LLP on

On Friday, the U.S. Chamber of Commerce announced that, together with the Texas Association of Business and the Longview Chamber of Commerce, it had filed litigation in the Fifth Circuit against the SEC to prevent...more

Katten Muchin Rosenman LLP

Navigating the Regulatory Landscape – SEC Adopts New Rules Requiring Increased Disclosure on Stock Buybacks – Including Quarterly...

On May 3, 2023, by a 3-2 vote, the Securities and Exchange Commission (SEC) adopted amendments to disclosure rules (the “new buyback disclosure rules”) relating to repurchases of equity securities by issuers (or repurchases...more

Faegre Drinker Biddle & Reath LLP

SEC Adopts Amendments to Share Repurchase Disclosure Rules, Including for Listed Closed-End Funds

In a three-to-two vote at an open meeting held on May 3, 2023, the U.S. Securities and Exchange Commission (SEC) adopted amendments (Share Repurchase Disclosure Amendments) to the existing share repurchase disclosure...more

Polsinelli

The SEC's New Disclosure Requirements for Share Repurchases

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On May 3, 2023, the Securities and Exchange Commission (the “SEC”) adopted new rules and related amendments regarding disclosure of share repurchase programs by corporate issuers and their affiliated purchasers. These...more

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