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House Bill 5970
115th Congress(2017-2018)
Modernizing Disclosures for Investors Act
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Passed House on Jul 10, 2018
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H. R. 5970 (Introduced-in-House)


115th CONGRESS
2d Session
H. R. 5970


To require the Securities and Exchange Commission to implement rules simplifying the quarterly financial reporting regime.

IN THE HOUSE OF REPRESENTATIVES

May 24, 2018

Mrs. Wagner introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To require the Securities and Exchange Commission to implement rules simplifying the quarterly financial reporting regime.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Simplifying Disclosures for Investors Act”.

SEC. 2. Issuer option for simplified quarterly financial reporting.

(a) In general.—Not later than one year after the date of enactment of this Act, the Securities and Exchange Commission shall issue such rules as the Commission determines may be necessary or appropriate in the public interest or for the protection of investors to allow issuers of securities traded on a national securities exchange to elect to disclose quarterly financial information in a simplified manner, such as through a press release or by a shortened form. In issuing such disclosure rules, the Commission shall—

(1) amend rules issued pursuant to sections 13(a) and 15(d) of the Securities Exchange Act of 1934 to permit issuers of securities traded on a national securities exchange to disclose quarterly financial information in a manner other than through filing a Form 10–Q;

(2) require financial statements disclosed pursuant to such rules to include a quarterly income statement, a balance sheet as of the last day of the quarter, and a statement of operations, all prepared in accordance with such rules as the Commission may adopt consistent with this Act;

(3) not provide any exemption with respect to the requirements of section 302 of the Sarbanes-Oxley Act of 2002 and section 1350 of title 18, United States Code; and

(4) require that such disclosures include a statement of any material changes in financial condition or results of operations since the end of the issuer’s most recent financial statements disclosed pursuant to the Commission’s rules.

(b) Definitions.—For purposes of this section:

(1) NATIONAL SECURITIES EXCHANGE.—The term “national securities exchange” means an exchange registered as a national securities exchange pursuant to section 6 of the Securities Exchange Act of 1934.

(2) OTHER TERMS.—The terms “Commission”, “issuer”, and “security” have the meaning given those terms, respectively, under section 3 of the Securities Exchange Act of 1934.