The SEC requested comments on the "nature, content and timing" of quarterly reports submitted by reporting companies.
In particular, the SEC seeks feedback on the relationship between the quarterly reports that Exchange Act reporting companies are required to provide on Form 10-Q and the earnings releases they voluntarily provide on Form 8-K. The SEC stated that it wants to simplify the process by which "investors access, process, and evaluate information" (e.g., by mitigating any burdens associated with investors' efforts to compare earnings releases and Form 10-Q to identify new information). In addition, the SEC wants input on how it could improve or, at a minimum, maintain the investor protection benefits of disclosure while also reducing the costs for companies of complying with quarterly reporting requirements.
The SEC is also seeking feedback on how the reporting system including earnings releases and earnings guidance, "alone or in combination with other factors, may foster an overly short-term focus by managers and other market participants."
Comments must be received no more than 90 days following publication of the request in the Federal Register.
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