February 16, 2022
10b5-1 & Buybacks Proposals: The Comment Clock is Finally Running!
Speaking of Rule 10b5-1, the SEC’s proposed amendments to that rule and its proposed amendments to rules governing stock buybacks were finally published in the Federal Register yesterday – almost two months to the day after they were initially issued. That means the 45-day comment period has officially commenced and that comments on both proposals will be due on April 1, 2022.
I still haven’t seen an explanation for the delay in publication – although given the initial objections about the short comment period established for these proposals, I don’t think anyone’s likely to complain about it. In any event, commenters haven’t waited to weigh in on the proposals, particularly the 10b5-1 proposal, which is far outpacing its stock buyback companion in terms of the number of comments received.
As Liz blogged last week, the SEC may be getting a little frustrated with having to wait for the Federal Register, because it has changed its approach to calculating the comment period in its most recent series of rule proposals.
– John Jenkins