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Exception Tracking Spreadsheet (TicklerTrax™)
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SEC publishes two regulatory proposals

The Securities and Exchange Commission has published two proposed rules in this morning's Federal Register.

Insider Trading
The Commission is proposing amendments [87 FR 8686] that would add new conditions to the availability of an affirmative defense under an Exchange Act rule that are designed to address concerns about abuse of the insider trading rule. The proposal also includes new disclosure requirements regarding the insider trading policies of issuers, and the adoption and termination (including modification) of certain trading arrangements by directors, officers, and issuers. The disclosure requirements for executive and director compensation regarding the timing of equity compensation awards made in close proximity in time to the issuer's disclosure of material nonpublic information would also be changed.

Share Repurchase Disclosure Modernization
The SEC is also proposing amendments [87 FR 8443] to modernize and improve disclosure about repurchases of an issuer's equity securities that are registered under the Securities Exchange Act of 1934. Specifically, the proposed amendments would require an issuer to provide more timely disclosure on a new Form SR regarding purchases of its equity securities for each day that it, or an affiliated purchaser, makes a share repurchase. The proposed amendments would also enhance the existing periodic disclosure requirements about these purchases.

Comments on both proposals will be accepted through April 1, 2022.

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