[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5970 Reported in House (RH)]

<DOC>





                                                 Union Calendar No. 630
115th CONGRESS
  2d Session
                                H. R. 5970

                          [Report No. 115-811]

 To require the Securities and Exchange Commission to implement rules 
         simplifying the quarterly financial reporting regime.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 24, 2018

 Mrs. Wagner introduced the following bill; which was referred to the 
                    Committee on Financial Services

                             July 10, 2018

Reported with amendments, committed to the Committee of the Whole House 
          on the State of the Union, and ordered to be printed
 [Strike out all after the enacting clause and insert the part printed 
                               in italic]
[For text of introduced bill, see copy of bill as introduced on May 24, 
                                 2018]


_______________________________________________________________________

                                 A BILL


 
 To require the Securities and Exchange Commission to implement rules 
         simplifying the quarterly financial reporting regime.


 


    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.
            Amend the title so as to read: ``A bill 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.''.
                                                 Union Calendar No. 630

115th CONGRESS

  2d Session

                               H. R. 5970

                          [Report No. 115-811]

_______________________________________________________________________

                                 A BILL

 To require the Securities and Exchange Commission to implement rules 
         simplifying the quarterly financial reporting regime.

_______________________________________________________________________

                             July 10, 2018

Reported with amendments, committed to the Committee of the Whole House 
          on the State of the Union, and ordered to be printed