U.S. - SEC Importance Of Disclosure, Covid

U.S. – SEC Importance Of Disclosure, Covid

Chair Clayton statement on importance of disclosure, fight against pandemic, facilitate engagement to mitigate economic contraction, evolve strategies, address challenges.

Firm Disclosures

Respond to investor interest firm's currrent operational, financial status.
Response to Covid, progress to protect health, well-being of workforce, clients, how ops, financial condition may change as fight continues; future conditions, resources.
High-quality disclosure to benefit investor, firms but also enhance key communication, coordination across economy, between public, private sectors as Covid fight pursued.
Transparency to foster confidence in all stakeholders, firms encouraged to respond to call for forward-looking disclosure, avail of safe-harbors for such statements.
Note good faith attempts to provide properly framed forward-info not be 2nd-guessed.

Highlights

SEC actions focused on market integrity, function, guidance, relief, investor interests.
Broad support from constituents for mitigating step taken despite huge economic cost.
Recognition of need for transition to forward-looking, health, welfare strategies.
In light of highly integrated economy, challenges but combine dramatic health-focused mitigation efforts with monetary, fiscal intervention evolve over long term, corrections.
Framework for forward-looking health, welfare strategies to address Covid, develop more tools to fight it with increased testing, enhanced monitoring, data analysis, ID.
Accept effective therapeutics anchored by advice of healthcare specialist, tailor efforts.
Key to continue target fiscal assistance of CARES Act, efforts on workers, businesses constrained by health, safety directives, adjust operational norms to ensure safety.
Extensive coordination between public, private sectors essential for success in fight.
Nimble coordinated health, economic strategy to affect outcome, isolated effort to fail.

Q1 Earnings Reports

Statements, calls to come will not be routine, since historical projections not as great interest as forward plans, where firm is today, how they adjusted, expect to in future.
Challenges in producing detailed reports understood, SEC to be practicable, mindful.
Firms urged to disclose as much info as practicable on current status, plans to address Covid, operating capability, future operating plans, liquidity positions, financial needs.
Recognize challenge of forward-looking disclosure, believe taking on challenge is right.