TITLE IV - ENHANCED FINANCIAL DISCLOSURES
SEC. 408. ENHANCED REVIEW OF PERIODIC DISCLOSURES BY ISSUERS.
(a) REGULAR AND SYSTEMATIC REVIEW. - The Commission shall review disclosures
made by issuers reporting under section 13(a) of the Securities Exchange Act
of 1934 (including reports filed on Form 10–K), and which have a class
of securities listed on a national securities exchange or traded on an automated
quotation facility of a national securities association, on a regular and systematic
basis for the protection of investors. Such review shall include a review of
an issuer’s financial statement.
(b) REVIEW CRITERIA. - For purposes of scheduling the reviews required by subsection
(a), the Commission shall consider, among other factors -
(1) issuers that have issued material restatements of financial
results;
(2) issuers that experience significant volatility in their
stock price as compared to other issuers;
(3) issuers with the largest market capitalization;
(4) emerging companies with disparities in price to earning
ratios;
(5) issuers whose operations significantly affect any material
sector of the economy; and
(6) any other factors that the Commission may consider relevant.
(c) MINIMUM REVIEW PERIOD. - In no event shall an issuer required to file reports
under section 13(a) or 15(d) of the Securities Exchange Act of 1934 be reviewed
under this section less frequently than once every 3 years.
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