WASHINGTON — The Securities and Exchange Commission has kicked off a wide-sweeping effort that aims to examine fundamental questions about the way it acquires information from public companies, mutual funds, brokers, and other regulated entities, and the way it makes that information available to investors and the markets.
The 21st Century Disclosure Initiative internal study will include a review of all existing SEC forms and reporting requirements, as well as the manner in which information is provided to the commission, with a special focus on "needless redundancy," SEC said.
Consideration of various alternative strategic approaches to acquiring and publishing disclosure information, ways that regulatory requirements for the collection of information might be tailored to get the best real time distribution of financial and narrative disclosure to investors and an examination of how best to integrate public disclosure with the SEC's proposed new post-EDGAR architecture for investor search, assembly, and comparison of data, will also be researched.
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The SEC said a blueprint for future commission action to improve the usefulness and timeliness of disclosure for investors, and to streamline and modernize the collection of disclosure from companies and regulated entities is scheduled to come by the end of 2008. A follow-on advisory committee will then be appointed to consider the questions in more detailed fashion through a public and consultative process.
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