Wednesday, November 29, 2023
The last several business days have seen extraordinary activity related to the SEC’s share repurchase disclosure rules. Last Wednesday, in connection with a prior ruling by the 5th Circuit Court of Appeals remanding the share repurchase rules to the SEC to correct certain identified defects in the rules, the SEC issued an order postponing the effective date of the rules indefinitely. The same day, it also filed a motion with the 5th Circuit seeking an extension of the 30 day period the court gave it (i.e. until November 30, 2023) to correct the defects in the rules. Yesterday, the 5th Circuit denied that motion. Given the SEC’s order postponing the effective date of the rules, as well as further potential action by the 5th Circuit, which could include vacating the rule entirely, we are postponing our planned Wednesday, November 29, 2023 webinar “Navigating New SEC Rules | A Webinar Series for Public Company General Counsel | Share Repurchase Disclosure.” Stay tuned to Wilson Sonsini’s public company blog, knowntrends.com, for more information about the status of the rules and any actions the 5th Circuit takes. We’ll email you with more information if the webinar is rescheduled. Thank you!