On May 3, 2023, the Securities and Exchange Commission voted (3-2) to adopt amendments requiring disclosures related to issuers’ share repurchases.  The amendments that were adopted are different from those that were proposed.  Notably, the amendments require issuers to disclose daily repurchase activities quarterly or semiannually in connection with their periodic filings. 

See the fact sheet and text of adopting release.

A detailed alert will follow.

Consider registering for our upcoming PLI program.  

May 22, 2023 Webinar

1:00 pm – 2:00 pm ET

Register here.

During this session hosted by Practising Law Institute, Mayer Brown’s Anna Pinedo and Laura Richman will discuss the changes between the proposed amendments and the final amendments in light of public comments. Anna and Laura will address the effect of these changes on issuer stock repurchase programs, including accelerated repurchase programs. 

Topics include:

  • Discussion of the final SEC amendments;
  • Key differences between the proposed amendments and the final amendments;
  • Reporting requirements;
  • Corporate policies relating to trading plans;
  • Effects on issuer stock repurchase plans; and
  • Effects on accelerated share repurchase plans.