(What About Those Issuer 10b5-1 Plan Disclosures?)
Yes – a Thanksgiving tradition continued last week when President Biden pardoned turkeys Liberty and Bell from what would otherwise have been an unpleasant Thanksgiving experience.
That’s not the only leniency (albeit probably not as long-lasting as the reprieve given Liberty and Bell) dispensed by the government this week. Our story actually begins on Halloween, when the Fifth Circuit U.S. Court of Appeals issued an opinion that gave the Securities and Exchange Commission (“Commission”) 30 days to “correct the defects” in the recently-adopted share repurchase rule. In response, on the day before Thanksgiving, the Commission issued an order (the “Stay Order”) staying the effectiveness of the Repurchase Rule.
