Purchases of Certain Equity Securities by the Issuer and Others

The Securities and Exchange Commission ("Commission' or "SEC') is proposing amendments to Rule 10b-18 under the Securities Exchange Act of 1934 ("Exchange Act'), which provides issuers with a "safe harbor' from liability for manipulation when they repurchase their common stock in the market in accordance with the Rule's manner, timing, price, and volume conditions. The proposed amendments are intended to clarify and modernize the safe harbor provisions in light of market developments since Rule 10b-18's adoption in 1982.