SIFMA Urges SEC to Modify Quarterly Report Forms

In response to a request for comments, SIFMA urged the SEC to modify Form 10-Q and to "modernize" the disclosure framework to mitigate the unnecessary burden on reporting companies while retaining investor protections.

SIFMA said that:

• companies should continue to have flexibility with respect to the issuance and content of earnings releases;

• the "Supplemental Approach" should not be adopted on the grounds that it would not help achieve the SEC's goal of "reducing inefficiencies and enhancing investor protection";

• the SEC's rules relating to the reporting framework should be "harmonized with the rules and regulations of other applicable regulatory authorities";

• the SEC should rethink its eXtensible Business Reporting Language requirements; and

• efforts to "discourage undue emphasis on short-term results should be market-driven" and not "regulation-driven."