SEC Keeps Companies Talking Equally to Investors
Published Date: 4/8/2025
Notice
Summary
The SEC is asking to keep the rules for how companies share important news with the public, making sure everyone hears it at the same time. About 7,200 companies follow these rules, spending around 5 hours each time they share info, adding up to a lot of work every year. The SEC wants your thoughts on how to keep this process clear and easy, with no changes to costs or deadlines right now.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Public companies face ongoing disclosure burden
If you run a publicly traded company, Regulation FD requires public disclosure of material information and the SEC estimates about 7,196 issuers make Regulation FD disclosures roughly five times a year for a total of 19,274 responses. The agency estimates each response takes about 5 hours (19,274 responses × 5 hours = 96,370 hours annually) and that 75% of that time (72,278 hours) is internal staff time.
Investors get prompt public access to news
If you invest in publicly traded companies, Regulation FD requires companies to make material information public rather than selectively disclosing it, so investors have current information to base investment decisions. The rule also requires prompt public disclosure when material information was unintentionally selectively disclosed.
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Key Dates
Department and Agencies
Related Federal Register Documents
2026-17183, Regulation Crypto Assets
The Securities and Exchange Commission ("Commission") is proposing new rules to create a tailored offering regime for certain investment contracts involving crypto assets. The proposed offering regime is intended to facilitate capital formation and accommodate innovation within the crypto asset markets while, at the same time, ensuring that investors are adequately protected and provided with the information they need to make informed investment decisions. The proposed rules would be set forth in a new regulation titled "Regulation Crypto Assets" and would include two exemptions from the registration requirements of section 5 of the Securities Act of 1933. The first exemption would permit offerings of up to $5 million during a four-year period. The second exemption would permit offerings of up to $75 million during each 12-month period. Under both exemptions, issuers would be required to make certain principles-based narrative disclosures available to their investors. In addition, issuers under the second exemption would be required to provide financial statements and would be subject to ongoing reporting requirements. Issuers that rely on these exemptions would remain subject to the antifraud and antimanipulation provisions of the Federal securities laws. The proposed rules also would include a conditional safe harbor from the term "investment contract" in the definitions of "security" in the Securities Act of 1933 and the Securities Exchange Act of 1934. If the conditions of that proposed safe harbor are satisfied, then a crypto asset would be deemed not to be subject to an investment contract for purposes of those definitions of "security."
2026-12163, The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373, Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222, Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651, Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-17058, Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Connectivity Schedule and Discontinue a Previously Proposed Offering
Previous / Next Documents
Previous: 2025-05984, Submission for OMB Review; Comment Request; Revision: Rule 482
The Securities and Exchange Commission wants to update Rule 482, which helps investment funds share important info when advertising their shares. This change affects investment companies and aims to make ads clearer and more honest about risks, fees, and performance. No big cost changes are expected, but funds will need to follow the updated rules once approved.
Next: 2025-05986, Submission for OMB Review; Comment Request; Extension: Rule 12b-1
The SEC is asking to keep collecting info about Rule 12b-1, which lets investment funds spend money to promote and sell their shares. This rule affects fund managers and shareholders by requiring clear plans and approvals before spending on marketing. No big changes or costs are expected, but the paperwork review helps keep things transparent and fair.