TheCorporateCounsel.net

Last night, Cooley’s Cydney Posner blogged that the Chamber has filed a motion to vacate the repurchase disclosure rule. The motion followed the SEC’s submission late last week, acknowledging that it could not correct the defects in the rule by the Court-imposed deadline. Here’s more from the blog:

In its 13-page motion, the Chamber observes that the “Court withheld vacatur for 30 days to give the [SEC] a chance to correct the multiple defects the Court identified in the Rule. That period expired a week ago, and this Court denied the SEC’s motion for an extension of time. The SEC has conceded it has not corrected the Rule and has given no indication that any correction is forthcoming.”  What’s more, the Chamber highlights, “when Petitioners notified the SEC that they would be filing this motion to vacate the Rule and sought its position, counsel responded that the Commission takes no position on it. Thus, the only remaining step for this Court is to vacate the Rule.” Although the Court’s October 31 opinion did not explicitly state the “consequences of failing to correct the rule within that period,” the Chamber argues, “the  Court’s directive only makes sense if it intended vacatur to take effect at that time.”

– Meredith Ervine