The regulator on April 20 required shareholders looking to sell more than 1 percent of a stock to do so in single trades, to keep the transactions off the open market.

4月20日，监管部门又要求超过总量1%的限售股交易不得在公开市场上进行。

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The authorization by the company's board allows Reynolds American to purchases shares from time to time on the open market, or through privately negotiated transactions.

公司董事会的批准，允许雷诺美国公司偶尔在公开市场购买股份，或通过私下谈判交易。

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The company said that the return of capital to holders will involve multiple steps, and could also include share repurchases in the open market, privately-negotiated transactions and the payment of dividends.

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Any future repurchases would be made in the open market, in privately negotiated transactions or in structured share-repurchase programs, and may be made from time to time or in one or more larger repurchases.

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