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Court vacates SEC share repurchase disclosure rule
Publication date: 20 Dec 2023
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Court vacates SEC share repurchase disclosure rule
On December 19, an appeals court vacated the SEC's share repurchase disclosure rule. The rule had been adopted by the SEC in May 2023. However, the court concluded in October that the SEC failed to respond to petitioners’ comments and failed to conduct a proper cost-benefit analysis related to the rule. Subsequently, the SEC was unable to correct defects in the rule before a court-imposed deadline. As a result, companies will continue to report share repurchase activity consistent with existing requirements.
On December 19, an appeals court vacated the SEC's share repurchase disclosure rule. The rule had been adopted by the SEC in May 2023. However, the court concluded in October that the SEC failed to respond to petitioners’ comments and failed to conduct a proper cost-benefit analysis related to the rule. Subsequently, the SEC was unable to correct defects in the rule before a court-imposed deadline. As a result, companies will continue to report share repurchase activity consistent with existing requirements.
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