[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5970 Referred in Senate (RFS)]

<DOC>
115th CONGRESS
  2d Session
                                H. R. 5970


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             July 11, 2018

Received; read twice and referred to the Committee on Banking, Housing, 
                           and Urban Affairs

_______________________________________________________________________

                                 AN ACT


 
 To require the Securities and Exchange Commission to carry out a cost 
    benefit analysis of the use of Form 10-Q and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Modernizing Disclosures for 
Investors Act''.

SEC. 2. FORM 10-Q ANALYSIS.

    (a) In General.--The Securities and Exchange Commission shall 
conduct an analysis of the costs and benefits of requiring reporting 
companies to use Form 10-Q for submitting quarterly financial reports. 
Such analysis shall consider--
            (1) the costs and benefits of Form 10-Q to emerging growth 
        companies;
            (2) the costs and benefits of Form 10-Q to the Commission 
        in terms of its ability to protect investors, maintain fair, 
        orderly, and efficient markets, and facilitate capital 
        formation;
            (3) the costs and benefits of Form 10-Q to other reporting 
        companies, investors, market researchers, and other market 
        participants, including the costs and benefits associated 
        with--
                    (A) the public availability of the information 
                required to be filed on Form 10-Q;
                    (B) the use of a standardized reporting format 
                across all classes of reporting companies; and
                    (C) the quarterly disclosure by some companies of 
                financial information in formats other than Form 10-Q, 
                such as a quarterly earnings press release;
            (4) the costs and benefits of alternative formats for 
        quarterly reporting for emerging growth companies to emerging 
        growth companies, the Commission, other reporting companies, 
        investors, market researchers, and other market participants; 
        and
            (5) the expected impact of the use of alternative formats 
        of quarterly reporting by emerging growth companies on overall 
        market transparency and efficiency.
    (b) Report Required.--Not later than 180 days after the date of 
enactment of this Act, the Commission shall issue a report to Congress 
that includes--
            (1) the results of the analysis required by subsection (a); 
        and
            (2) recommendations for decreasing costs, increasing 
        transparency, and increasing efficiency of quarterly financial 
        reporting by emerging growth companies.

            Passed the House of Representatives July 10, 2018.

            Attest:

                                                 KAREN L. HAAS,

                                                                 Clerk.