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.
Visit us at mayerbrown.com
Mayer Brown is a global services provider comprising associated legal practices that are separate entities, including Mayer Brown LLP (Illinois, USA), Mayer Brown International LLP (England & Wales), Mayer Brown (a Hong Kong partnership) and Tauil & Chequer Advogados (a Brazilian law partnership) and non-legal service providers, which provide consultancy services (collectively, the "Mayer Brown Practices"). The Mayer Brown Practices are established in various jurisdictions and may be a legal person or a partnership. PK Wong & Nair LLC ("PKWN") is the constituent Singapore law practice of our licensed joint law venture in Singapore, Mayer Brown PK Wong & Nair Pte. Ltd. Details of the individual Mayer Brown Practices and PKWN can be found in the Legal Notices section of our website. "Mayer Brown" and the Mayer Brown logo are the trademarks of Mayer Brown.
© Copyright 2023. The Mayer Brown Practices. All rights reserved.
This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.