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The U.S. SEC's proposal to change financial reports to semi-annual disclosures approved by the White House
Golden Finance reports, May 1st — The plan by the U.S. Securities and Exchange Commission (SEC) to allow publicly listed companies to reduce the frequency of financial report disclosures from quarterly to semi-annual has been approved by the White House, bringing it closer to implementation. According to information on the government website, the review was completed earlier this week, allowing the SEC to officially announce the plan and seek public comments. After receiving feedback, the commissioners will need to vote again on the final version before the rules can take effect. The voting typically occurs several months later. Since then-President Donald Trump called for changing quarterly reports to semi-annual reports last year, the SEC has been pushing forward with this reform of corporate information disclosure requirements. Since 1970, U.S. publicly traded companies have been required to disclose financial information quarterly.