PANews reported on May 1st that, according to Jinshi News, a plan by the U.S. Securities and Exchange Commission (SEC) to allow publicly traded companies to reduce their earnings reporting frequency from quarterly to semi-annual has passed White House review and is closer to implementation. According to the government website, the review was completed earlier this week, allowing the SEC to formally announce the plan and solicit public comments. After receiving feedback, the commissioners will need to vote again on the final version before the rule takes effect. The vote typically takes several months.

The SEC has been pushing forward with its plan to reform corporate disclosure requirements since US President Trump called last year for a shift from quarterly to semi-annual reporting. US publicly traded companies have been required to disclose financial information quarterly since 1970.