SEC Proposes Amendments to Rule 10b-18’s Safe Harbor

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The Securities and Exchange Commission (“SEC”) issued a release proposing amendments to Rule 10b-18 of the Securities and Exchange Act of 1934 (the “Rule”). Under the Rule, issuers are shielded from liability under Sections 9(a)(2) and 10(b) of the Exchange Act and Rule 10b-5 of the Exchange Act for manipulation; provided, however, that certain conditions are met, such as the manner, timing, price and volume conditions of the repurchase. The SEC stated that the current Rule 10b-18 safe harbor should be modernized to account for significant changes that have occurred in the markets and trading strategies since the adoption of the Rule.

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Published In: Finance & Banking Updates, Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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