LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » World News

U.S. SEC chairman signals plans to scale back corporate disclosure rules

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Thu, Jul 13, 2017
12:25 am
Reuters

Wall Street`s top U.S. regulator on Wednesday signalled his support for potentially scaling back the scope and breadth of disclosure rules and compliance costs imposed on public companies, in an effort to entice more corporations to list on the stock market.

In his first major address since becoming chairman of the U.S. Securities and Exchange Commission (SEC) earlier this year, Jay Clayton laid out his regulatory philosophy for how he plans to run the agency and said the SEC staff was working to prepare proposals aimed at reforming the rules on disclosure.

In the speech, delivered at the Economic Club of New York, details about the specific regulations that he would like to adopt or amend were scant.

But his comments broadly called for efforts to scale back unnecessary corporate disclosures, reduce compliance burdens on small- and mid-sized companies, ramp up the enforcement division`s focus on protecting retail investors from run-of-the-mill frauds, and taking better care to retrospectively review SEC rules to ensure they are having the desired effect.

Such efforts would be in line with steps the SEC took late last month, when it moved to allow all public companies to file paperwork confidentially for initial public offerings.

"While there are many factors that drive the decision of whether to be a public company, increased disclosure and other burdens may render alternatives for raising capital, such as the private markets, increasingly attractive to companies that only a decade ago would have been all but certain candidates for the public markets," he said.

Clayton`s comments on Wednesday are likely to be seen as welcome news to corporate lobbying groups such as the U.S. Chamber of Commerce, which has long criticized an array of SEC disclosure rules for cluttering up corporate filings with unnecessary information.

The Chamber has often sued the SEC over rules requiring disclosures that it said were not material, and has staunchly lobbied Congress to beat back other measures championed by pension funds, unions and progressive-leaning groups.

Clayton appeared on Wednesday to echo some of their concerns generally, lamenting that lawmakers and regulators have "significantly expanded the scope of required disclosures beyond the core concept of materiality."

He also urged companies to apply to the SEC for requests to modify what they are required to include in their routine financial reporting, a process that is allowed under current SEC rules.

Clayton`s plan to scale back unnecessary disclosures could spark concerns among progressive groups pushing for new rules, particularly those who support requiring public companies to provide investors with information about their political spending.

A petition submitted to the SEC in 2011 calling for a political spending rule garnered a record number of signatures, but to date, the agency has not acted on it.

Lisa Gilbert, the vice president of legislative affairs for Public Citizen, a non-profit watchdog group in support of the rule, said Clayton`s interest in expanding the menu of public investment options for retail investors means she hopes he will be open to considering it.

"I assume he will remain open-minded to what people are asking his agency to do," she said.

In addition to his comments on public company requirements, Clayton also said he plans to have the SEC launch a new fixed income market structure advisory committee to scrutinize the current rules and identify potential reforms.

Clayton said the SEC will also consider a pilot program in coming months to study the impact of the fees and rebates that exchanges charge and provide to brokers.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:

LATEST NEWS

Realme 8 5G India launch date set for April 22: Check expected price, specifications and more

Alert! WhatsApp status flaw allows stalkers to track users online? Check all details here

LIC wage revision: Employees to get over 25% wage hike, five day week and other benefits - All details here

Delhi curfew e-pass update: How to apply for e-pass on delhi.gov.in website, timings and more

Free Fire OB27 update released in India: Check how to APK download link, new map, characters and more

CBSE class 10 promotion criteria, class 12 board exam dates and will ICSE Class 10, 12 exams be postponed?—All you need to know

In chat with Anil Singhvi, Helios India CIO Dinshaw Irani says we are in bull market

Mid-cap Picks with Anil Singhvi: Jay Thakkar picks CCL Products, Andhra Sugars and Strides Pharma for top returns

Maruti raises price 3rd time in a year amid rising input cost, stock up over 1% intraday

UPSC EPFO 2021: Admit card for the exam released at upsc.gov.in - check exam date and everything you need to know before appearing for the exam

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved