Washington - Business Roundtable CEO Joshua Bolten today issued the following statement in response to the final U.S. Securities and Exchange Commission (SEC) “Share Repurchase Disclosure Modernization” rule:
“Business Roundtable is disappointed that the SEC has proceeded with unnecessary and costly new reporting requirements for stock buybacks. While the agency moved away from some of the worst provisions originally proposed, the extensive mandates in the final rule remain overly complicated and burdensome.
“Repurchasing stock is a sound, commonly used business practice that helps companies operate efficiently and return profits to shareholders, including millions of Americans with pensions and retirement accounts. The SEC’s effort to discredit the practice of stock buybacks through regulation is misguided and in conflict with the agency’s mission to protect investors.”