SEC to Weigh Possible Disclosure-Rule Changes

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By Phyllis Diamond

The Securities and Exchange Commission will hold an open meeting March 1 to consider seeking comment on “possible revisions to statistical and other disclosures” for regulated financial-services firms.

A spokeswoman for the now two-member commission declined to elaborate, but the potential revisions aren’t likely to be substantially deregulatory. Acting Chairman Michael Piwowar has said he does not intend to “sit by and do nothing,” but Commissioner Kara Stein, a Democrat wary of loosening corporate restrictions, would have to approve any SEC action.

At the meeting, the commission also will consider adopting rule and form changes that would require hyperlinks to exhibits in certain regulatory filings. It also will vote on whether to propose changes regarding the use of the Inline XBRL format for submitting certain financial information. In a fourth agenda item, the agency will decide whether to propose rule changes governing offerings of municipal securities.

The meeting will take place at 10 a.m. at the commission’s Washington headquarters.

To contact the reporter on this story: Phyllis Diamond in Washington at pdiamond@bna.com

To contact the editors responsible for this story: Seth Stern at sstern@bna.com

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