Stock Buyback Rule Should End as SEC Misses Deadline, Groups Say

Business groups are urging a federal appeals court to throw out a Securities and Exchange Commission rule requiring companies provide more information about stock repurchases.

The groups, led by the US Chamber of Commerce, said vacating the rule was the only option after the SEC last week acknowledged it hadn’t met its deadline to fix problems the US Court Appeals for the Fifth Circuit identified in an Oct. 31 ruling.

The court found the rule’s adoption was arbitrary and capricious, and gave the agency until the end of November to correct the defects. The Fifth Circuit on Nov. 26 ...