In December 2018, the SEC issued Release No. 33-10588 (Request for Comment on Earnings Releases and Quarterly Reports), in which the SEC is requesting public comment on the nature and timing of disclosures that reporting companies are required to provide in their Form 10-Q quarterly reports, in addition to when there are overlapping disclosure requirements that companies voluntarily provide in earnings releases in their Form 8-K. The SEC is looking to explore ways to increase efficiency in periodic reporting by reducing duplication in reporting company disclosures and how these changes could affect capital formation, while maintaining or enhancing investor protection.

The SEC is also requesting public comment on the following:

  • whether reporting companies, or certain classes of reporting companies, should be provided with flexibility as to the frequency of their period reporting, and
  • how the existing periodic report system, earnings releases, and earnings guidance, standing alone or in combination with other factors, may affect corporate decision making and strategic thinking, including whether these factors promote an inefficient outlook among registrants and market participants by focusing on short-term results.

The deadline for comments is March 21, 2019.