The Enron Scandal - Unmoderated Message Board

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Non-Tech : The Enron Scandal - Unmoderated

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To: Jorj X Mckie who started this subject	2/13/2002 7:55:30 AM
From: Glenn Petersen	Read Replies (2) of 3602

SEC to accelerate filing time tables: usatoday.com 02/12/2002 - Updated 11:08 PM ET New SEC rules would force firms to be more open By Noelle Knox, USA TODAY Regulators will unveil rules Wednesday that would close inside-trading loopholes, require companies to file financial reports more quickly and increase what they must report. The Securities and Exchange Commission is expected to propose more than a dozen rules that take aim at the lack of disclosure that led to Enron's collapse. The rules also would end exemptions that allowed some executive stock sales to go unreported for up to a year. "We want to make sure investors have a better picture of a company a lot sooner," SEC Chairman Harvey Pitt said. The proposed rules would: •Require that companies report all stock transactions by officers and directors "within days." Currently, executives have up to a year to disclose stock sold to their company. •Shorten the filing time for annual reports (10Ks) to within 60 days of the end of a fiscal year and the time for quarterly reports (10Qs) to within 30 days of the quarter's end. Companies now have 90 days to file 10Ks and 45 days to file 10Qs. The filings follow strict guidelines and provide much more detailed financial information than the earnings press releases companies issue shortly after a quarter ends. •Expand the list of what must be disclosed to shareholders in "significant event" filings known as 8Ks. Companies would have to include events that could trigger a default such as changes in debt ratings or securities transactions with officers and directors "within days." Companies also would have to report if ethics and conduct rules are waived for officers, directors or other key employees. Daniel Weaver, a business professor at New York University, said, "Those would be good changes. Any time you reveal information to the public, it becomes self-enforcing."

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