SEC Plans Comprehensive Reform of Disclosure Rules for Public Companies

According to PANews, the U.S. Securities and Exchange Commission (SEC) Chairman Paul Atkins announced on Friday that the agency will advance a comprehensive reform plan for disclosure rules for public company investors. This announcement coincides with U.S. President Donald Trump's recent social media post suggesting that the SEC should change the frequency of financial disclosures from quarterly to semi-annually. Atkins stated that it is an appropriate time to examine various channels of information access, methods of information dissemination, and what forms of disclosure meet actual needs. He highlighted that many investors gain more insights from earnings conference calls than from quarterly reports. Furthermore, Atkins expressed agreement with President Trump's criticism that the quarterly reporting system causes corporate executives and management to focus excessively on short-term profits.