The SEC has proposed important changes to the rules governing 10b5-1 trading plans.  If the proposal is adopted – as seems likely –  there will be major changes in how companies execute share repurchases and how employees, officers and directors sell shares.

The proposal is on a fast track, with comments due April 1.  As of today, however, the SEC seems to be behind in posting the comments received on its website, so it is not clear what issues have been raised.

Cleary submitted a detailed comment letter on the proposal on March 23 – click here to read the letter.