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

Paul Atkins, President of the US Securities and Stock Exchange Commission, said that the agency would propose a rule change after President Donald Trump’s call to change his three -month earnings reports to a six -month program.

I welcomed that CNBC was sent by the president on Friday “and talked to him.” He said. “In principle, I’m thinking of proposing changes what our rules are now, I think it will be a good way forward, and then we’ll think about it and we’ll move forward from now on.”

Atkins said that if the change of rule is approved, whether they have passed every six months or deciding to stay every three months, it would be left to companies.

“For the sake of shareholders and public companies, the market may decide what is appropriate.” He said.

The existing regulations require public companies to report every three months, but it is optional to provide estimation. At the beginning of this week, Trump advocated a six -month program, saying that he would save money and allow managers to focus on executing their companies properly. ” The rules can be changed by majority vote in the SEC, where Republicans currently have a majority of voting.

The problem argues that the lack of transparency of the reports of less frequently will harm investors, especially retail investors who do not have a wide resources as Wall Street institutions. Supporters say that a six -month reporting program will release companies to focus their business in the long run.

Atkins, foreign private exporters already complies with six -month reporting, he said. Earlier this year, Norway’s sovereign reserve fund suggested that the extension of the time zone would allow companies to focus on the long term. The long -term stock exchange trade platform also supported reporting less frequently.

“Currently, you should realize that the six -month reporting is not foreign to our markets, and that foreign special exporters are currently doing this.” He said. He continued: “For the last few years, there has been a lot of discussion about how this three -month reporting emphasized a short -term type of thought.”