Hello SEC and EDGAR enthusiasts!

Wanted to share a quick update with ya’ll regarding the Share Repurchase disclosure rule which was approved earlier this month (see https://www.sec.gov/news/press-release/2023-85 and https://www.sec.gov/files/34-97424-fact-sheet.pdf).

Regarding this ruling, there will be a new form type, Form F-SR, for FP. This includes iXBRL tagging requirements, as well as reporting on 10-Q, 10-K, 20-F, and N-CSR. There are a variety of implementation dates, but most filers will probably have to start reporting on their next 10-K in 2024 or the first N-CSR in 2024.

FPIs that file on FPI forms will be required to comply with the amendments in new Form F-SR beginning with the Form F-SR that covers the first full fiscal quarter that begins on or after April 1, 2024. The Form 20-F narrative disclosure that relates to the Form F-SR filings will be required starting in the first Form 20-F filed after the FPI's first Form F-SR has been filed. Listed Closed-End Funds will be required to comply with the amendments beginning with the Form N-CSR that covers the first six-month period that begins on or after January 1, 2024. All other issuers will be required to comply with the amendments on Forms 10-Q and 10-K (for their fourth fiscal quarter) beginning with the first filing that covers the first full fiscal quarter that begins on or after October 1, 2023

There are many moving pieces here and timing on this is still a bit fluid. Release of these changes depends on when the SEC publishes an updated EFM and taxonomy, after which Workiva would also implement them. Based on what we know, we would not expect this until closer to Q4 this year but we’re keeping our ears perked for any news and we’ll be sure to share more info when we have it. Rest assured that we plan to implement these changes as swiftly and seamlessly as possible.

If you have any questions for us, don’t hesitate to ask here or via Support. Thanks as always and have a super day!