A federal appeals court vacated a Securities and Exchange Commission rule that required companies to provide more information about stock repurchases, after the agency said it couldn’t meet the court’s deadline to fix the rule’s problems.
The SEC was given until Nov. 30 to correct issues the US Court of Appeals for the Fifth Circuit identified when it found the rule’s adoption was arbitrary and capricious. The agency told the court earlier this month it wasn’t able to meet the deadline.
The Fifth Circuit vacated the rule in an opinion Tuesday.
Adopted in May, the rule required companies to disclose ...
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