A U.S. Securities regulator is calling for reforms to the public disclosure documents. According to a recent Reuters article, Daniel Gallagher, a Republican member of the U.S. Securities and Exchange Commission, has concerns over the “lengthy, turgid, and internally repetitive” mandatory filings, he told the Annual Institute for Corporate Counsel. He said they are “not efficient mechanisms for transmitting the most critically important information to investors.”
Gallagher is not alone. New SEC Chair Mary Jo White also said some disclosures are duplicative or obsolete, according to Reuters, and that investors face “information overload.” The results of a study commissioned by the SEC will soon be released, which could prompt changes to the public filing systems. But Gallagher wants a targeted approach to change—and quick.
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