A federal appeals court denied the Securities and Exchange Commission’s request for additional time to fix problems with a rule requiring companies to provide more information about stock repurchases.
The US Court of Appeals for the Fifth Circuit left in place a Thursday deadline for the SEC to correct defects the court identified in a ruling last month. The court found the adoption of the rule was arbitrary and capricious.
Requesting an extension last week, the SEC said staff had “worked diligently” to determine a fix but additional time was necessary. The court’s order, filed Sunday, didn’t provide a ...
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