The proposed rules would require an issuer to furnish certain information to the SEC on newly established Form SR within one business day of share repurchase transactions, and enhance periodic disclosure requirements of share repurchases in periodic reports filed with the SEC (Forms 10-K, 10-Q, 20-F, 40-F or N-CSR).
The SEC issued a Fact Sheet summarizing the key provision of the proposed rules.
The proposed rules would establish a new Form SR, which an issuer would be required to furnish within one business day after execution of any share repurchase transaction.
The Form SR would be required to include the following information in tabular form:
The proposed rules would also revise Item 703 of Regulation S-K (with corresponding changes to Form 20-F and Form N-CSR) to enhance and expand disclosure requirements related to an issuer’s share repurchases in its periodic filings (e.g. Forms 10-K and 10-Q).
The following disclosure requirements would be added under the proposed rules, and would be required to follow the Inline XBRL tagging requirements in an issuer’s filings: