Replies to post #41630 on Bravada International Ltd (BRAV)

[BeachBum]

United States regulationsIn the United States, buybacks are covered by multiple laws.

According to SEC Rule 10b-18:

One Broker-dealer per Day: The company repurchasing shares may not use more than one broker or dealer to acquire the shares per each day.
Timing of Purchase: A repurchase may not be the first trade of the day. Repurchases cannot be made in the last 30 minutes of the trading day. These rules do not apply to over-the-counter securities, which are not traded on the NYSE or Nasdaq.
Purchase Price: A repurchase may not be bid at a price higher than the highest independent bid or last price of the last trade.
Volume: Repurchases per day may not exceed 25% of the average daily volume of the previous 4 calendar weeks. Block purchases not effected by a broker-dealer are excluded from this restriction.