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SEC Tightens Rule 10b5-1 and Creates New Disclosure Requirements

Alert December 19, 2022

SEC Tightens Rule 10b5-1 and Creates New Disclosure Requirements

December 19, 2022, Covington Alert

On December 14, 2022, the Securities and Exchange Commission (“SEC”) adopted amendments to Rule 10b5-1 under the Securities Exchange Act of 1934 (the “Exchange Act”) and created several new disclosure requirements. The amendments to Rule 10b5-1 impose a number of new conditions on the ability of company officers and directors to purchase or sell securities under a binding contract, specific instruction or written plan (a “trading plan”) under Rule 10b5-1. Although the significant changes to Rule 10b5-1 will likely generate the biggest headlines, other aspects of this rulemaking will impose important new disclosure obligations on public companies and their insiders.

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