Joint Trades Letter to the SEC Regarding Proposed Stock Repurchases and 10b5-1 Rule

The undersigned organizations appreciate the opportunity to comment on the recent and interrelated rule proposals issued by the Securities and Exchange Commission regarding stock buybacks and Rule 10b5-1 plans .Our organizations support efforts by Congress and the SEC to ensure that America’s capital markets maintain their status as the most competitive, transparent, and liquid in the world. Investors in the U.S. capital markets must have confidence that bad actors are held accountable and that corporate insiders are not able to game the system or bend the rules in their own favor.