Washington (August 28, 2002) - The Securities and Exchange Commission has unanimously approved a measure to force companies to file quicker financial reports.
The regulator voted to require companies to file annual reports 60 days after the end of their fiscal year and quarterly reports 35 days after the end of each quarter. The previous guidelines had been 90 days to file annual 10-K reports and 45 days to file 10-Q quarterly reports.
The SEC also voted 5-0 to require corporate officers to disclose within two days any purchase or sale of their company's stock.
The SEC said it would will take three years to phase in the changes, and the new disclosure rules will apply only to companies that have been regulated for a year or more and with a $75 million or higher market cap.
--Electronic Accountant Newswire staff
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