Private Unicorns Need More Public Reporting, SEC’s Crenshaw Says

SEC Commissioner Caroline Crenshaw urged her agency to boost reporting requirements for unicorns and other big private companies that make few, if any public disclosures, about their businesses.

Large private companies—including unicorns worth $1 billion or more—should report “useful, substantive information,” including their size, operation details and revenue, the Democrat said Monday. One unicorn, which Crenshaw declined to name, only gave the Securities and Exchange Commission a six-page document that lacked details about revenue and other data found in public companies’ lengthy periodic filings, she said at a securities regulation conference in Coronado, Calif.

“There should be more transparency to ...