On November 22, 2023, the U.S. Securities and Exchange Commission (SEC) postponed the effectiveness of the Share Repurchase Disclosure Modernization Rule (the rule), which would have gone into effect for most year-end filers in the beginning of 2024 (see the Fact Sheet). The SEC took action to postpone the rule due to an adverse opinion by the U.S. Court of Appeals for the Fifth Circuit in Chamber of Com. of the USA v. SEC, No. 23-60255 (5th Cir.). The postponement will remain in effect until the SEC takes further action on the rule.

The rule would have required both U.S. filers and foreign private issuers to make additional and more frequent disclosures about share repurchases and the adoption and termination of Rule 10b5-1 trading plans.