[U.S. SEC 'Semiannual Financial Reporting for Public Companies' Plan Approved by White House Review] Deep Tide TechFlow reports that on May 1, the U.S. Securities and Exchange Commission (SEC) received White House approval for its plan to allow public companies to reduce the frequency of financial reporting from quarterly to semiannual. This marks a step closer to implementation. According to information from the U.S. government website, the review was completed earlier this week, enabling the SEC to officially announce the plan and solicit public comments. After receiving feedback, the commissioners will need to vote on the final version of the rule for it to take effect. Voting typically occurs several months later. Since U.S. President Trump called for changing quarterly reports to semiannual reports last year, the SEC has been advancing this reform of corporate disclosure requirements. Since 1970, U.S. public companies have been required to disclose financial information on a quarterly basis.