The SEC postponed the effective date of the "Share Repurchase Disclosure Modernization Rule," which requires issuers to provide additional information on the purpose of their repurchase programs. The SEC announced a stay of the "Repurchase Rule" in order to address Administrative Procedure Act deficiencies found by the Fifth Circuit Court of Appeals.
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The U.S. Court of Appeals for the Fifth Circuit ordered the SEC to "correct defects" in its final rulemaking on issuer repurchase disclosures.
The new SEC rule on enhanced issuer repurchase disclosures was published in the Federal Register with an effective date set for July 31, 2023.
The SEC adopted a new rule that requires issuers to provide additional information on the purpose of their repurchase programs and report more detailed repurchase data on a quarterly or semi-annual basis.
The DOJ, the SEC and the CFTC filed actions against FTX and its founder Samuel Bankman-Fried for defrauding U.S.-based and foreign investors, which resulted in billions of dollars in losses and missing customer funds.