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H. Rept. 115-811 1 (2018-07-10)

handle is hein.congrecreports/crptxaitc0001 and id is 1 raw text is: AUTHENTICATED r U.S. GOVERNMENT INFORMATION 4 115TH CONGRESS REPORT 2d Session j HOUSE OF REPRESENTATIVES 115-811 MODERNIZING DISCLOSURES FOR INVESTORS ACT JULY 10, 2018.-Committed to the Committee of the Whole House on the State of the Union and ordered to be printed Mr. HENSARLING, from the Committee on Financial Services, submitted the following REPORT [To accompany H.R. 5970] The Committee on Financial Services, to whom was referred the bill (H.R. 5970) to require the Securities and Exchange Commission to implement rules simplifying the quarterly financial reporting re- gime, having considered the same, report favorably thereon with amendments and recommend that the bill as amended do pass. The amendments are as follows: Strike all after the enacting clause and insert the following: SECTION 1. SHORT TITLE. This Act may be cited as the Modernizing Disclosures for Investors Act. SEC. 2. FORM 1O-Q ANALYSIS. (a) IN GENERAL.-The Securities and Exchange Commission shall conduct an analysis of the costs and benefits of requiring reporting companies to use Form 10- Q for submitting quarterly financial reports. Such analysis shall consider- (1) the costs and benefits of Form 10-Q to emerging growth companies; (2) the costs and benefits of Form 10-Q to the Commission in terms of its abil- ity to protect investors, maintain fair, orderly, and efficient markets, and facili- tate capital formation; (3) the costs and benefits of Form 10-Q to other reporting companies, inves- tors, market researchers, and other market participants, including the costs and benefits associated with- (A) the public availability of the information required to be filed on Form 10-Q; (B) the use of a standardized reporting format across all classes of report- ing companies; and (C) the quarterly disclosure by some companies of financial information in formats other than Form 10-Q, such as a quarterly earnings press re- lease; (4) the costs and benefits of alternative formats for quarterly reporting for emerging growth companies to emerging growth companies, the Commission, other reporting companies, investors, market researchers, and other market participants; and 79-006