On December 18, the Securities and Exchange Commission published a request for comment on the “nature, content, and timing of earnings releases and quarterly reports.” In the announcement, SEC Chair Jay Clayton refers to the “ongoing debate regarding…mandated quarterly reports and the prevalence of optional quarterly guidance”.
The SEC’s request appears to result from a Presidential tweet in August, suggesting that semi-annual, rather than quarterly, reporting would “make business (jobs) even better”, and asking the SEC to study the matter. In commenting on the matter in October, Chair Clayton said he didn’t think that “quarterly reporting is going to change for our top names anytime soon.”
Further details on this matter will be available shortly on The Securities Edge, our securities and governance blog. If you have any questions in the meantime, please contact Gunster securities law and corporate governance practice leader Bob Lamm.
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This publication is for general information only. It is not legal advice, and legal counsel should be contacted before any action is taken that might be influenced by this publication.
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