SEC Rescinds Rules and Forms Related to the Vacated "Repurchase Rule"

The SEC rescinded various rules and forms related to its adoption of the "Repurchase Rule" on May 3, 2023. The U.S. Court of Appeals for the Fifth Circuit vacated the rule on December 19, 2023.

The SEC had adopted the Exchange Act Rule 13a-21 ("Purchases of equity securities by a foreign private issuer and affiliated purchasers") and corresponding Form SR for registered issuers to require 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. (See related coverage.)

The SEC adopted these technical amendments under the Exchange Act and the Investment Company Act to reflect the Court's vacatur of the Rule.