In May 2023, the Securities and Exchange Commission (SEC) amended its rules to significantly increase the disclosures public companies must make about repurchases of their equity securities. The recent amendments are the latest in a series of federal rule changes focused on insider trading and issuer repurchases, including the SEC’s December 2022 rulemaking imposing new requirements to rely on Rule 10b5-1 and new disclosures concerning the use of such plans, as well as the new excise tax on share repurchases that became effective January 1, 2023.