SEC to propose rule change on Trump's call to end quarterly earnings reporting, says Chair Atkins

Paul Atkins, president of the U.S. Securities and Exchange Commission, said his bureau volition suggest a regularisation alteration pursuing President Donald Trump's telephone to extremity net reports connected a quarterly ground and power to semiannual.

"I invited that posting by the president, and I person talked to him astir it," Atkins said connected CNBC's "Squawk Box" Friday. "In principle, I deliberation to suggest alteration successful what our rules are now, I deliberation would beryllium a bully mode forward, and past we'll see that and determination guardant aft that."

Atkins said if the regularisation alteration is approved, it volition beryllium near to companies to determine whether they power to semiannual oregon enactment with quarterly.

"For the involvement of shareholders and nationalist companies, the marketplace tin determine what the due cadence is," helium said.

Current regulations necessitate companies to study net connected a quarterly basis, though providing forecasts is voluntary. Trump advocated switching to a semi-annual schedule, saying it would "save money, and let managers to absorption connected decently moving their companies." The rules tin beryllium changed by conscionable a bulk ballot connected the SEC, wherever Republicans presently clasp a 3-1 voting majority, with 1 unfastened seat. 

Atkins noted that overseas backstage issuers already adhere to semi-annual reporting. Earlier this year, Norway's sovereign wealthiness money projected switching to semiannual reporting, reasoning that lengthening the clip framework would let companies to absorption connected the longer term. The Long-Term Stock Exchange trading level besides has supported little predominant reporting.

"You person to recognize that close now, semi-annual reporting is nary alien to our markets, overseas backstage issuers bash it close now," Atkins said. "There's been a batch of treatment of the past fewer years astir however this quarterly reporting benignant of emphasizes a abbreviated word benignant of thinking."

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