The new rules 'will increase the transparency and integrity' of corporate stock repurchasing overall, said SEC Chairman Gary Gensler.
The changes approved Wednesday represent a softening of the SEC's initial proposed disclosure rules, which would have required public companies to report trades by corporate insiders on a daily basis. The commission said its final decision was influenced by concerns raised in public comments, that daily reporting would be too expensive and time consuming.
"Stock buybacks have grown substantially in recent years and increasingly they are used to enrich executives instead of re-investing capital to advance a company's long-term productivity, profitability, and employee welfare," said Stephen Hall, legal director at the nonprofit Better Markets. "This final rule will certainly increase the quantity, quality, and timeliness of reporting on these controversial transactions.
"The commission's attempt to discourage these commonplace, commonsense transactions via an overly complicated, expensive and unworkable disclosure mandate is ... a departure from its mission to enhance capital formation and protect investors," said Chris Netram, managing vice president of the National Association of Manufacturers.
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