Published by: Fried Frank

The SEC adopted, by a 3-2 commission vote, final rules governing disclosure of information on issuer share repurchases. The final rules require issuers to disclose significantly more information about their stock buybacks, including quarterly disclosure that both presents details of an issuer’s daily buyback activity during the reporting period and includes a narrative description of the rationale and objectives for its share buyback arrangements. In addition, the rules impose disclosure requirements regarding the adoption, modification and termination of issuer Rule 10b5-1 trading plans during the reporting period that are similar to the SEC’s recently adopted disclosure requirements for directors and executive officers.

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