The gap between permission and action
" -> "许可与行动之间的差距
" or "授权与行动之间的差距". Since it's about authorization, "授权" is better. So "授权与行动之间的差距
" Then: "A share buyback authorization is just corporate permission to repurchase up to a stated amount of stock within a set period. It's not a commitment to buy any shares. Companies can modify, suspend, or terminate these programs at management's discretion. That's why authorized amounts often differ from what actually gets executed." Translation: "股票回购授权只是公司在规定期限内回购至多一定数量股票的公司许可。这并不是购买任何股票的承诺。公司可以根据管理层的决定修改、暂停或终止这些计划。这就是为什么授权金额往往与实际执行情况不同。" Next: "The execution sequence runs board authorization, management choosing methods, trades happening, then reporting. Methods include open-market purchases, privately negotiated transactions, accelerated share repurchase (ASR) contracts, and tender offers. Only executed buybacks change shares outstanding, cash balances, and equity accounts. Authorizations don't touch those numbers." Translation: "执行顺序包括董事会授权、管理层选择方法、交易发生，然后报告。方法包括公开市场购买、私下协商交易、加速股票回购（ASR）合约和要约收购。只有已执行的回购才会改变流通股、现金余额和权益账户。授权不会影响这些数字。" We need to keep "ASR" as is, maybe with explanation. "accelerated share repurchase (ASR)" -> "加速股票回购（ASR）". Good. Next: "Why the SEC stepped in
" -> "SEC为何介入
" Then: "The new rule targets the gap between what companies announce and what they actually do. Under the old framework, companies could report buybacks periodically, leaving investors in the dark about timing and size. Now, daily Form SR submissions give a real-time view of completed trades." Translation: "新规则针对的是公司宣布的内容与实际行为之间的差距。在旧框架下，公司可以定期报告回购，使投资者对时间和规模一无所知。现在，每日提交SR表格提供了已完成交易的实时视图。" Next: "The rule also requires narrative and structured disclosures. That means companies have to explain the rationale behind buybacks, any deviations from the authorization, and how they're handling insider trading risks. The SEC's Rule 10b-18 safe harbor still applies—it protects issuers from manipulation charges if they meet four conditions. But it does not shield repurchases made while the issuer possesses material non-public information." Translation: "该规则还要求叙述性和结构化披露。这意味着公司必须解释回购背后的理由、与授权的任何偏差，以及如何处理内幕交易风险。SEC的10b-18规则安全港仍然适用——如果满足四个条件，它保护发行人免受操纵指控。但它不保护发行人在拥有重大非公开信息时进行的回购。" We need to keep "Rule 10b-18" as is. "safe harbor" -> "安全港". "material non-public information" -> "重大非公开信息". Next: "What actually changes on the books
" -> "账面上实际发生的变化
" Then: "Executed repurchases reduce shares outstanding, which bumps up earnings per share. They appear as financing cash outflows and adjust equity through treasury stock or share retirement. The distinction matters for investors trying to value a company. An authorization alone doesn't shrink the share count; only trades do." Translation: "已执行的回购减少了流通股，从而提高了每股收益。它们作为融资现金流出出现，并通过库存股或股份注销调整权益。这一区别对于试图评估公司价值的投资者很重要。仅授权不会减少股份数量；只有交易才能做到。" Next: "Companies communicate both authorizations and actual activity in press releases and periodic reports. But now the daily filings add another layer of transparency. Management still decides when and how much to buy, constrained by market prices, cash needs, legal limits, and trading windows. The rule doesn't force anyone to buy back stock—it just makes the actual buying visible." Translation: "公司在新闻稿和定期报告中同时传达授权和实际活动。但现在，每日申报增加了另一层透明度。管理层仍然决定何时购买以及购买多少，受市场价格、现金需求、法律限制和交易窗口的约束。该规则不强迫任何人回购股票——它只是让实际购买变得可见。" Next: "The new disclosure regime is already in effect for many issuers. Companies that fail to file daily Form SRs could face compliance issues. The SEC's focus is on closing the information gap, not on dictating buyback strategy." Translation: "新的披露制度已经对许多发行人生效。未能每日提交SR表格的公司可能面临合规问题。SEC的重点是缩小信息差距，而不是规定回购策略。" Now we need to combine all into the article with HTML tags. We'll keep theand
tags.
Also, we need to translate the meta description: "New SEC rule requires daily Form SR filings for executed share buybacks, closing the gap between authorizations and actual repurchases. Here's what changes." -> "新的SEC规则要求每日提交SR表格以报告已执行的股票回购，缩小授权与实际回购之间的差距。以下是变化内容。"
Now we'll output JSON. Ensure proper escaping for quotes and newlines. We'll use double quotes for JSON strings, and escape any double quotes inside. The content has double quotes? We'll use single quotes for Chinese? Actually, we'll just use double quotes for JSON, and inside the content we have double quotes? We'll need to escape them. But in the original content, there are no double quotes except maybe in the text? Actually, the original has no double quotes, but we might have some in translation? We'll avoid using double quotes in the translation, or escape them. We'll use Chinese quotes like “” if needed, but we can just use regular text. We'll ensure no unescaped double quotes.
Let's write the JSON.
We'll structure:
{
"title": "SEC要求每日报告已执行的股票回购",
"content": "根据一项新的联邦规则，回购自家股票的公司现在必须向SEC报告每日交易情况。股票回购披露现代化最终规则（SEC最终规则34-97424）要求每日提交SR表格，以报告已执行的回购，并增加了扩展的叙述性和结构化披露。这一转变将授权的文书工作与实际回购的现实区分开来。
授权与行动之间的差距
股票回购授权只是公司在规定期限内回购至多一定数量股票的公司许可。这并不是购买任何股票的承诺。公司可以根据管理层的决定修改、暂停或终止这些计划。这就是
根据一项新的联邦规则，回购自家股票的公司现在必须向SEC报告每日交易情况。股票回购披露现代化最终规则（SEC最终规则34-97424）要求每日提交SR表格，以报告已执行的回购，并增加了扩展的叙述性和结构化披露。这一转变将授权的文书工作与实际回购的现实区分开来。
授权与行动之间的差距
股票回购授权只是公司在规定期限内回购至多一定数量股票的公司许可。这并不是购买任何股票的承诺。公司可以根据管理层的决定修改、暂停或终止这些计划。这就是
