SEC Proposes Rule to Improve Disclosure of Share Repurchases

The SEC has issued a proposed rule, Share Repurchase Disclosure Modernization. The proposed amendments would “require an issuer to provide more timely disclosure on a new Form SR regarding purchases of its equity securities for each day that it, or an affiliated purchaser, makes a share repurchase” and would “enhance the existing periodic disclosure requirements about these purchases.”

Comments on the proposed rule are due 45 days after the date of its publication in the Federal Register. For more information, see the press release and fact sheet, as well as statements by SEC Chair Gary Gensler and Commissioners Caroline A. Crenshaw, Allison H. Lee, Hester M. Peirce, and Elad L. Roisman on the SEC’s Web site.