The Securities and Exchange Commission voted 5-0 Wednesday to require that some companies file financial reports earlier than the current deadline. At the same time, the SEC pushed back putting the new rule into play for large firms, to the early part of 2007, when most of the 2006 annual reports are issued, Reuters reports.
The new rule would require large companies with market capitalizations of more than $700 million to issue will have to put out their reports within 60 days after their fiscal year-end dates. Currently, the requirement is within 75 days. Midsize companies, with capitalizations ranging from $75 million to $700 million, will continue to have 75 days from the end of their fiscal year to file annual reports.