Securities Regulation Daily Wrap Up, SEC NEWS AND SPEECHES—SEC will consider requesting comment on disclosure frequency at open meeting, (Nov 30, 2018)
On Wednesday, December 5, 2018, the SEC will hold an open meeting to consider whether to issue a request for comment on the nature and content of quarterly reports and earnings releases issued by reporting companies.
The proposed request for comment follows an August 17, 2018, tweet by President Trump about reducing public company reporting requirements to semiannually instead of quarterly. Following the tweet, SEC Chairman Jay Clayton issued a brief statement "on investing in America for the long term" and noted that the Division of Corporation Finance "continues to study public company reporting requirements, including the frequency of reporting." Clayton’s statement also suggested that the president had "highlighted a key consideration for American companies and, importantly, American investors and their families—encouraging long-term investment in our country." Later the same day, the SEC announced amendments to its rules and forms to address duplicative, overlapping, or outdated disclosure requirements.
At the open meeting, the Commission will also consider whether to adopt Rule of Practice 194 regarding applications for statutorily disqualified associated persons to be involved in effecting security-based swaps.
RegulatoryActivity: PublicCompanyReportingDisclosure SECNewsSpeeches Swaps