Corporate reports must be filed earlier

Posted: Thursday, August 29, 2002

WASHINGTON (AP) -- After a season of corporate scandal, federal regulators unanimously adopted rules Tuesday that require companies to file financial reports earlier and force chief executives to take responsibility for their accuracy.

Despite an outcry from public companies, commissioners voted 5-0 to require large U.S. firms to file quarterly reports within 35 days of the end of the period, 10 days sooner than current rules. Annual reports would be due within 60 days after the end of the year, instead of the current 90 days.

The SEC also cut the time that corporate insiders and large shareholders have to report trades of company stock to two business days.

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