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US SEC announces some 'post-Enron' disclosure changes

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15 Feb 2002

The US SEC has announced proposed changes in corporate disclosure rules as the first in a series of steps designed to improve the US financial reporting and disclosure system.

The rule changes, which would apply to foreign as well as domestic registrants, "will provide significant improvements quickly while other proposals are considered". The proposed rules are intended to:
  • Accelerate reporting by companies of transactions by company insiders in company securities, including transactions with the company;
  • Accelerate filing by companies of their quarterly and annual reports;
  • Expand the list of significant events requiring current disclosure on existing Form 8-K, including changes in rating agency decisions, obligations that are not currently disclosed, and lock-out periods affecting employee stock-ownership plans.
  • Require public companies to post their annual and quarterly reports on their websites at the same time they are filed with the SEC; and
  • Require disclosure of critical accounting policies in Management's Discussion and Analysis of Financial Condition and Results of Operations, contained in annual reports.
Click for Details of Planned SEC Rules.

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