With the new share repurchase rule now having been vacated, Skadden advises issuers to resume their historical disclosure practices pursuant to requirements in effect before the new rule was adopted—at least until the status of the prior disclosure rule is clarified. Proskauer advises companies to consider additional voluntary disclosure, expecting SEC staff to ramp up their scrutiny of existing disclosures with a view toward developing a record that supports more stringent regulatory oversight or prompting more robust disclosure. This Kirkland & Ellis memo provides an overview of the disclosure required before and after the now defunct new rule.
This post first appeared in the weekly Society Alert!