Trump asks SEC to let companies file financial reports every six months

Trump asks SEC to let companies file financial reports every six months

Trump asks SEC to let companies file financial reports every six months

Currently, all publicly traded companies in the US must file reports with the SEC four times a year, every three months.

The headquarters of the U.S. Securities and Exchange Commission (SEC) are seen in Washington, U.S., on July 6, 2009. "That would allow greater flexibility & save money", he tweeted.

The SEC is an independent agency, and the president can not force it to implement rule changes.

Trump said on Twitter that "some of the world's top business leaders" have advised him that converting to semiannual reporting would improve the country's jobs climate. The Commissioners' offices did not immediately respond to a request for comment.

He said outgoing PepsiCo Inc Chief Executive Indra Nooyi had brought it up to him.

Even if the SEC concluded the change was a good idea, companies would likely stick with the current regime to avoid investor backlash, said Ed Yardeni, founder and chief investment strategist at Yardeni Research.

The SEC requires such companies to share profit, revenue and other figures publicly every three months.

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The regulatory burdens of being a public company have been in the spotlight lately, including playing a role in why Elon Musk wants to take Tesla Inc. private.

While the quarterly earnings season has a negligible impact on market-wide volume, it does coincide with an increase in price turbulence among individual companies. In addition to financial information about earnings and cash flow, these reports also include qualitative information in the form of earnings guidance, which are 'forward-looking' statements from management about what the company plans to do in the future. One provision of the bill includes a requirement that the SEC review the quarterly reporting requirement.

"You're probably going to get a debate where you have people saying these reports are unnecessary, and I don't think that will convince a lot of people", said Martin, who's now a senior counsel at the law firm Covington & Burling.

Quarterly reports are "early warning signs of other bigger problems", Elson said.

Business groups including the US Chamber of Commerce, the Securities Industry and Financial Markets Association and exchange operator Nasdaq have been lobbying hard over the past year for lawmakers and the SEC to relax listing rules, warning that the decline in listings hurts jobs and pension funds. In 1996, nearly 950 companies went public, according to data compiled by Bloomberg.

"Investors and other stakeholders benefit when regulations ensure that important information is promptly and transparently provided to the marketplace", said Amy Borrus, CII's deputy director.

In theory, this information helps investors make informed decisions about the future success of a company.

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