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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