SEC Asks Appeals Court for Time to Fix Stock Buyback Rule (1)

The Securities and Exchange Commission needs more time to fix problems that an appeals court identified in a rule requiring companies to provide additional information about stock repurchases, the agency said.

The US Court of Appeals for the Fifth Circuit last month held the adoption of the rule was arbitrary and capricious. The court sent the rule back to the SEC, with instructions the agency correct the issues by Nov. 30.

Separately, the SEC issued an order Wednesday staying the effectiveness of the rule until further action by the agency.

“Since the remand, the Commission’s staff has worked diligently to ...