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SEC proposes new share repurchases rule

At the same December 15 meeting, the SEC proposed amendments to its disclosure requirements about an issuer’s stock repurchases. The proposed changes will require issuers to provide a new Form SR disclosing their share repurchases before the end of the first business day following the day the issuer executes a share repurchase. The Form SR will include information on the amount and class of securities purchased, the average price paid, and the aggregate total amount purchased on the open market under the safe harbor in Rule 10b-18 or pursuant to a 10b5-1 plan. Further, the proposal would amend the existing periodic disclosure requirements to require an issuer to disclose: the objective or rationale for the share repurchases and the process or criteria used to determine the repurchase amounts; any policies and procedures in place relating to purchases and sales of the issuer’s securities by its officers and directors during a repurchase program, including any restriction on such transactions; and any repurchases under the safe harbor in Rule 10b-18 or pursuant to a 10b5-1 plan.

The proposal is subject to a 45-day comment period once the proposing release is published in the Federal Register.

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