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I
116TH CONGRESS
1ST SESSION H. R. 4076
To require the Securities and Exchange Commission to implement rules
simplifying the quarterly financial reporting regime.
IN THE HOUSE OF REPRESENTATIVES
JULY 25, 2019
Mrs. WAGNER (for herself and Mr. BUDD) introduced the following bill; which
was referred to the Committee on Financial Services
A BILL
To require the Securities and Exchange Commission to im-
plement rules simplifying the quarterly financial report-
ing regime.
Be it enacted by the Senate and House of Representa-
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tives of the United States of America in Congress assembled,
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SECTION 1. SHORT TITLE.
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This Act may be cited as the ‘‘Modernizing Disclo-
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sures for Investors Act’’.
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SEC. 2. ISSUER OPTION FOR SIMPLIFIED QUARTERLY FI-
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NANCIAL REPORTING.
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(a) IN GENERAL.—Not later than one year after the
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date of enactment of this Act, the Securities and Ex-
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change Commission shall issue such rules as the Commis-
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•HR 4076 IH
sion determines may be necessary or appropriate in the
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public interest or for the protection of investors to allow
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issuers of securities traded on a national securities ex-
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change to elect to disclose quarterly financial information
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in a simplified manner, such as through a press release
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or by a shortened form. In issuing such disclosure rules,
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the Commission shall—
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(1) amend rules issued pursuant to sections
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13(a) and 15(d) of the Securities Exchange Act of
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1934 to permit issuers of securities traded on a na-
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tional securities exchange to disclose quarterly finan-
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cial information in a manner other than through fil-
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ing a Form 10–Q;
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(2) require financial statements disclosed pur-
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suant to such rules to include a quarterly income
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statement, a balance sheet as of the last day of the
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quarter, and a statement of operations, all prepared
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in accordance with such rules as the Commission
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may adopt consistent with this Act;
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(3) not provide any exemption with respect to
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the requirements of section 302 of the Sarbanes-
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Oxley Act of 2002 and section 1350 of title 18,
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United States Code; and
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(4) require that such disclosures include a
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statement of any material changes in financial con-
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•HR 4076 IH
dition or results of operations since the end of the
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issuer’s most recent financial statements disclosed
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pursuant to the Commission’s rules.
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(b) DEFINITIONS.—For purposes of this section:
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(1) NATIONAL
SECURITIES
EXCHANGE.—The
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term ‘‘national securities exchange’’ means an ex-
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change registered as a national securities exchange
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pursuant to section 6 of the Securities Exchange Act
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of 1934.
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(2) OTHER TERMS.—The terms ‘‘Commission’’,
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‘‘issuer’’, and ‘‘security’’ have the meaning given
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those terms, respectively, under section 3 of the Se-
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curities Exchange Act of 1934.
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Æ
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