SECURITIES AND EXCHANGE COMMISSION ISSUES PROPOSED RULE: SEMIANNUAL REPORTING

WASHINGTON, May 7 -- Securities And Exchange Commission has issued a proposed rule called: Semiannual Reporting.

The proposed rule was published in the Federal Register on May 7 by Vanessa A. Countryman, Secretary.

Summary: The Securities and Exchange Commission ("Commission") is proposing amendments to allow companies to file semiannual reports on new Form 10-S in lieu of quarterly reports on Form 10-Q to meet their interim reporting obligations under the Securities Exchange Act of 1934 ("Exchange Act"). The Commission is also proposing changes to the financial statement requirements of Regulation S-X to facilitate semiannual reporting and to simplify rules regarding the age of financial statements.

For more information, contact Mark Sa...