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B-335341 Jun 12, 2023 1 (2023-06-12)

handle is hein.gao/gaoouv0001 and id is 1 raw text is: U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-335341 June 12, 2023 The Honorable Sherrod Brown Chairman The Honorable Tim Scott Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Patrick McHenry Chairman The Honorable Maxine Waters Ranking Member Committee on Financial Services House of Representatives Subject: Securities and Exchange Commission: Share Repurchase Disclosure Modernization Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Securities and Exchange Commission (SEC) entitled Share Repurchase Disclosure Modernization (RIN: 3235-AM94). We received the rule on May 3, 2023. It was published in the Federal Register as a final rule on June 1, 2023. 88 Fed. Reg. 36002. The effective date is July 31, 2023. SEC states that the final rule adopts amendments to modernize and improve disclosure about repurchases of an issuer's equity securities that are registered under the Securities Exchange Act of 1934, 15 U.S.C. § 78a et seq. Specifically, SEC states that the final rule requires additional detail regarding the structure of an issuer's repurchase program and its share repurchases, requires the filing of daily quantitative repurchase data either quarterly or semi-annually, and eliminates the requirement to file monthly repurchase data in an issuer's periodic reports. SEC further states that the final rule revises and expands the existing periodic disclosure requirements about repurchases. Finally, SEC states that the final rule adds new quarterly disclosure in requirements in certain periodic reports related to an issuer's adoption and termination of certain trading arrangements. Enclosed is our assessment of SEC's compliance with the procedural steps required by section 801(a)(1)(B)(i) through (iv) of title 5 with respect to the rule. If you have any questions about this report or wish to contact GAO officials responsible for the evaluation work relating to the subject matter of the rule, please contact Shari Brewster, Assistant General Counsel, at (202) 512-6398. Shirley A. Jones Managing Associate General Counsel

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