Share Repurchase disclosure rule approval
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!
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Hello - any update on when we can expect changes to the taxonomy for new share repurchase disclosure rule?
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Hi Lilly!
Thank for the question. Workiva is are working on all the changes required to support this new tagging mandate and EFM Rule and are committed to having the Taxonomy available & supported by the end of the year in order to meet the timing for compliance. We will have more communication to send out later in the quarter as we progress. Stay tuned to Workiva Updates for those communications but do let us know what questions you have in the meantime. Cheers!
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