Share Repurchase Disclosure Modernization

Document 2023-09965 is a Final Rule published by the Securities and Exchange Commission in the Federal Register on June 1, 2023, with an effective date of July 31, 2023. The Securities and Exchange Commission ("Commission") is adopting amendments to modernize and improve disclosure about repurchases of an issuer's equity securities that are registered under the Securities Exchange Act of 1934. The amendments require additional detail regarding the structure of an issuer's repurchase program and its share repurchases, require the filing of daily quantitative repurchase data either quarterly or semi-annually, and eliminate the requirement to file monthly repurchase data in an issuer's periodic reports. The amendments also revise and expand the existing periodic disclosure requirements about these repurchases. Finally, the amendments add new quarterly disclosure in certain periodic reports related to an issuer's adoption and termination of certain trading arrangements. View the original at https://www.federalregister.gov/documents/2023/06/01/2023-09965/share-repurchase-disclosure-modernization.

No. Document 2023-09965 is not classified as economically significant under Executive Order 12866. Economically significant rules require OIRA review and are estimated to have impacts of $100 million or more per year.