The US Fifth Circuit Court of Appeals in New Orleans, La, has told the SEC it acted “acted arbitrarily and capriciously”, in violation of the Administrative Procedure Act, by failing to conduct a proper cost-benefit analysis when crafting a new rule requiring companies to provide more timely disclosures on stock
US Fifth Circuit tells SEC to rework stock buyback disclosure rule
Several business groups sue the SEC to block new rules requiring public companies to disclose more details about stock buybacks.