Disclosure Review Has Staff Reconsidering EDGAR

By Richard Hill

Oct. 8 — Staff of the Securities and Exchange Commission is considering revamping the way public company reports are formatted and disseminated to investors as part of the agency's review of disclosure requirements, Mark Kronforst, chief accountant in the SEC's Division of Corporation Finance, said Oct. 8.

Kronforst said the staff is considering moving to “more of a company file,” wherein investors could “click into” categories such as business or financial information.

Such a system would replace the current platform for such reporting—EDGAR, which Kronforst characterized as “really just a digital filing cabinet.” He spoke during a Practising Law Institute-sponsored webcast and noted that he spoke only for himself.

“I think we all consume information differently now” than when EDGAR first was introduced. “We're thinking about [whether there are] ways to make it easier to consume the information,” Kronforst said.

The review of EDGAR and public delivery of public company reports is part of the SEC's review of disclosure requirements announced in December. The review was recommended by Corporation Finance staff in a report mandated by the Jumpstart Our Business Startups Act.

To contact the reporter on this story: Richard Hill in Washington at rhill@bna.com

To contact the editor responsible for this story: Susan Jenkins at sjenkins@bna.com