H.R.5970 - Modernizing Disclosures for Investors Act115th Congress (2017-2018) |
|Sponsor:||Rep. Wagner, Ann [R-MO-2] (Introduced 05/24/2018)|
|Committees:||House - Financial Services | Senate - Banking, Housing, and Urban Affairs|
|Committee Reports:||H. Rept. 115-811|
|Latest Action:||Senate - 07/11/2018 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
This bill has the status Passed House
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Text: H.R.5970 — 115th Congress (2017-2018)All Information (Except Text)
Text available as:
Referred in Senate (07/11/2018)
Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs
To require the Securities and Exchange Commission to carry out a cost benefit analysis of the use of Form 10-Q and for other purposes.
This Act may be cited as the “Modernizing Disclosures for Investors Act”.
(a) In general.—The Securities and Exchange Commission shall conduct an analysis of the costs and benefits of requiring reporting companies to use Form 10–Q for submitting quarterly financial reports. Such analysis shall consider—
(1) the costs and benefits of Form 10–Q to emerging growth companies;
(2) the costs and benefits of Form 10–Q to the Commission in terms of its ability to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation;
(A) the public availability of the information required to be filed on Form 10–Q;
(B) the use of a standardized reporting format across all classes of reporting companies; and
(C) the quarterly disclosure by some companies of financial information in formats other than Form 10–Q, such as a quarterly earnings press release;
(4) the costs and benefits of alternative formats for quarterly reporting for emerging growth companies to emerging growth companies, the Commission, other reporting companies, investors, market researchers, and other market participants; and
(5) the expected impact of the use of alternative formats of quarterly reporting by emerging growth companies on overall market transparency and efficiency.
(1) the results of the analysis required by subsection (a); and
(2) recommendations for decreasing costs, increasing transparency, and increasing efficiency of quarterly financial reporting by emerging growth companies.
Passed the House of Representatives July 10, 2018.
|Attest:||karen l. haas,|