• SEC Proposes to Modernize Issuer Repurchase "Safe Harbor" Rules
  • March 11, 2010 | Author: Thomas Yadlon
  • Law Firm: Kaye Scholer LLP - New York Office
  • The Securities and Exchange Commission (the “SEC”) has proposed amendments to Rule 10b-18 (the “Rule”) under the Securities Exchange Act of 1934 (the “Exchange Act”), which provides issuers with a “safe harbor” from liability for manipulation when they repurchase their common stock, in accordance with certain manner, timing, price and volume conditions. The proposed amendments are intended to clarify and modernize certain elements of the Rule to account for significant changes in trading strategies and automatic trading systems and technology that have taken place since its initial adoption in 1982.