Title 15 — Commerce and TradeRelease 119-73

§7266 Enhanced review of periodic disclosures by issuers

Title 15 › Chapter CHAPTER 98— - PUBLIC COMPANY ACCOUNTING REFORM AND CORPORATE RESPONSIBILITY › Subchapter SUBCHAPTER IV— - ENHANCED FINANCIAL DISCLOSURES › § 7266

Last updated Apr 6, 2026|Official source

Summary

The Commission must regularly review disclosure filings by companies that file under section 78m(a) (including Form 10–K) and whose securities trade on a national exchange or an automated quotation system. The review must include the company’s financial statements to help protect investors. When planning reviews, the Commission should consider things like major restatements, large stock-price swings, company size, unusual price-to-earnings for emerging firms, effects on a material sector of the economy, and other relevant factors. Any company that must file under section 78m(a) or 78o(d) must be reviewed at least once every 3 years.

Full Legal Text

Title 15, §7266

Commerce and Trade — Source: USLM XML via OLRC

(a)The Commission shall review disclosures made by issuers reporting under section 78m(a) of this title (including reports filed on Form 10–K), and which have a class of securities listed on a national securities exchange or traded on an automated quotation facility of a national securities association, on a regular and systematic basis for the protection of investors. Such review shall include a review of an issuer’s financial statement.

(b)For purposes of scheduling the reviews required by subsection (a), the Commission shall consider, among other factors—

(1)issuers that have issued material restatements of financial results;

(2)issuers that experience significant volatility in their stock price as compared to other issuers;

(3)issuers with the largest market capitalization;

(4)emerging companies with disparities in price to earning ratios;

(5)issuers whose operations significantly affect any material sector of the economy; and

(6)any other factors that the Commission may consider relevant.

(c)In no event shall an issuer required to file reports under section 78m(a) or 78o(d) of this title be reviewed under this section less frequently than once every 3 years.

Reference

Citations & Metadata

Citation

15 U.S.C. § 7266

Title 15 — Commerce and Trade

Last Updated

Apr 6, 2026

Release point: 119-73