Paul Atkins, chairman of the US Securities and Exchange Commission said that he will follow President Trump’s call to end quarterly earnings reports and replace them with semi-annual reports.
Speaking on CNBC, Atkins said he would propose a rule change.
“At President Trump’s request, Chairman [Paul] Atkins and the SEC is prioritizing this proposal to further eliminate unnecessary regulatory burdens on companies,” an agency spokesperson said previously.
Republicans hold a 3-1 voting majority and the vote can be changed with a simple majority vote.
The move would upend the long-standing cycle of information and earnings, making disclosures to investors much less timely.
This article was written by Adam Button at investinglive.com.