On May 3, 2023, the Securities and Exchange Commission (the “SEC”), in a 3-to-2 vote, adopted1 amendments significantly increasing disclosure requirements for public companies and certain investment companies with respect to repurchases of an issuer’s equity securities. The SEC’s stated goals of the amendments are to increase transparency of issuer repurchases, reduce information asymmetries between issuers and investors, and enable investors to conduct a more thorough assessment of issuer buybacks, thereby enabling investors to value an issuer’s securities more accurately.