Vast Corporate Reporting Cuts ‘on the Table,’ SEC Official Says

The SEC is considering massive reductions in disclosure requirements for companies instead of just a “nibble around the edges,” a senior agency official said Thursday.

The Securities and Exchange Commission is looking to cull any corporate disclosure rules not mandated by law or that provide shareholders immaterial information, SEC Deputy Director Christina Thomas said at an agency conference. Companies are required to make disclosures reasonable investors deem important under the regulator’s materiality standard.

“Everything’s on the table right now,” said Thomas, chief adviser on disclosure, policy, and rulemaking in the SEC’s Division of Corporation Finance, which drafts corporate reporting regulations. ...