SEC Seeks Input on Keeping Corporate Secrets from Spilling Unevenly
Published Date: 1/28/2025
Notice
Summary
The SEC wants to keep the rules that make companies share important info with everyone at the same time, so investors get a fair shot. About 7,200 companies report this info around five times a year, spending lots of hours doing it. The SEC is asking for feedback on how to make this process easier and clearer, with comments due by March 31, 2025.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 1 costs, 1 mixed.
SEC Seeks OMB Extension for Reg FD
The SEC plans to submit the existing Regulation FD information collection to the Office of Management and Budget for extension and approval so the rule requiring public disclosure of material information will continue. The agency estimates about 7,196 issuers make Regulation FD disclosures about five times a year (19,274 responses annually), at 5 hours per response for a total burden of 96,370 hours, and is seeking comments by March 31, 2025.
Regulation FD: Public, Not Selective, Disclosure
Regulation FD requires an issuer that intentionally discloses material information to do so through public disclosure rather than selective disclosure, and it requires prompt public disclosure if material information was unintentionally disclosed selectively. This rule is intended to give investors the same timely access to material information.
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