NEW SEC building
A Securities and Exchange Commission plan to let public companies cut quarterly disclosures to twice a year moved closer to reality after passing a White House review.
The review, completed earlier this week according to a government website posting, will allow the SEC to formally unveil the plan and take public feedback. After receiving that input, commissioners would then need to vote again, typically months later, on a final version for the rule to take effect.
The agency has been working on the plan to revamp corporate disclosure requirements after President Donald Trump called last year to shift to semiannual reports from quarterly ones. U.S. public companies have been required to report on a quarterly basis since 1970.
SEC Chairman Paul Atkins previously vowed to fast-track the plan and said the change could save companies significant time and money. But advocates of quarterly reporting argue transparency helps investors make crucial decisions and reduces the potential for companies to bury bad news.
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