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.