{"id":7328,"date":"2024-02-12T13:20:51","date_gmt":"2024-02-12T18:20:51","guid":{"rendered":"https:\/\/seci.wpenginepowered.com\/?p=7328"},"modified":"2024-02-12T13:20:55","modified_gmt":"2024-02-12T18:20:55","slug":"sec-clarifies-current-share-repurchase-disclosure-requirements","status":"publish","type":"post","link":"https:\/\/seciblog.pli.edu\/index.php\/sec-clarifies-current-share-repurchase-disclosure-requirements\/","title":{"rendered":"SEC Clarifies Current Share Repurchase Disclosure Requirements"},"content":{"rendered":"<p>On December 19, 2023, the U.S. Court of Appeals for the Fifth Circuit vacated the SEC\u2019s May 3, 2023, share repurchase disclosure rules (<a href=\"https:\/\/www.govinfo.gov\/content\/pkg\/USCOURTS-ca5-23-60255\/pdf\/USCOURTS-ca5-23-60255-1.pdf\"><em>Chamber of Com. of the USA v. SEC<\/em>, No. 23-60255 (5th Cir<\/a>.).\u00a0 \u00a0As a result of this decision, CorpFin issued this <a href=\"https:\/\/www.sec.gov\/corpfin\/announcement\/further-announcement-re-share-repurchase-disclosure-modernization-rule-020924\">Announcement<\/a> on February 9, 2024, clarifying that companies should follow the pre-amendment disclosure requirements in <a href=\"https:\/\/www.sec.gov\/files\/corpfin\/pre-amendment-item-703.pdf\">S-K Item 703<\/a> to provide monthly information about share repurchase transactions.\u00a0 The following example from Proctor and Gamble\u2019s June 30, 2023 Form 10-K follows the prior rules:<\/p>\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"327\" src=\"https:\/\/seciblog.pli.edu\/wp-content\/uploads\/SEC-Clarifies-Image-1024x327.png\" alt=\"\" class=\"wp-image-7330\" srcset=\"https:\/\/seciblog.pli.edu\/wp-content\/uploads\/SEC-Clarifies-Image-1024x327.png 1024w, https:\/\/seciblog.pli.edu\/wp-content\/uploads\/SEC-Clarifies-Image-250x80.png 250w, https:\/\/seciblog.pli.edu\/wp-content\/uploads\/SEC-Clarifies-Image-150x48.png 150w, https:\/\/seciblog.pli.edu\/wp-content\/uploads\/SEC-Clarifies-Image-768x245.png 768w, https:\/\/seciblog.pli.edu\/wp-content\/uploads\/SEC-Clarifies-Image-1536x491.png 1536w, https:\/\/seciblog.pli.edu\/wp-content\/uploads\/SEC-Clarifies-Image-2048x654.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n<p>Note that this disclosure is included in Item 5 of Form 10-K.<\/p>\n<p>As always, your thoughts and comments are welcome.<\/p>","protected":false},"excerpt":{"rendered":"<p>On December 19, 2023, the U.S. Court of Appeals for the Fifth Circuit vacated the SEC\u2019s May 3, 2023, share repurchase disclosure rules (Chamber of Com. of the USA v. SEC, No. 23-60255 (5th Cir.).\u00a0 \u00a0As a result of this decision, CorpFin issued this Announcement on February 9, 2024, clarifying that companies should follow the &hellip; <a href=\"https:\/\/seciblog.pli.edu\/index.php\/sec-clarifies-current-share-repurchase-disclosure-requirements\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">SEC Clarifies Current Share Repurchase Disclosure Requirements<\/span> <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[242,256],"tags":[],"coauthors":[154],"class_list":["post-7328","post","type-post","status-publish","format-standard","hentry","category-reporting","category-sec-news"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/posts\/7328","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/comments?post=7328"}],"version-history":[{"count":0,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/posts\/7328\/revisions"}],"wp:attachment":[{"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/media?parent=7328"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/categories?post=7328"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/tags?post=7328"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/coauthors?post=7328"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}