,,ii  #aaeth ,,congress  #b;d ,session  
,s4 #cege  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,october #aa1  
#bjah,mr4 ,rounds introduced the        
following bill2 which was read twice and
 referred to the ,committee on ,banking1
 ,housing1 and ,urban ,affairs  ,a      
,,bill  ,to require the ,securities and 
,exchange ,commission to carry out a    
cost benefit analysis of the use of     
,form #aj-,q1 and for other purposes4   
#a4 ,short title ,this ,act may be cited
 as the ,modernizing ,disclosures for   
,investors ,act4  #b4 ,form #aj-,q      
analysis  7a7 ,definitions ,in this     
section--  7#a7 the term ,commission    
means the ,securities and ,exchange     
,commission2 and  7#b7 the term ,form   
#aj-,q means the form described in      
section #bdi4cjh;a of title #ag1 ,code  
of ,federal ,regulations1 or any        
successor regulation4  7b7 ,requirement 
7#a7 ,in general ,the ,commission shall 
conduct an analysis of the costs and    
benefits of requiring reporting         

companies to use ,form #aj-,q for       
submitting quarterly financial reports4 
7#b7 ,considerations ,the analysis      
required under paragraph 7#a7 shall     
consider-- 7,a7 the costs and benefits  
of ,form #aj-,q to emerging growth      
companies2  7,b7 the costs and benefits 
of ,form #aj-,q to the ,commission with 
respect to the ability of the           
,commission to protect investors1       
maintain fair1 orderly1 and efficient   
markets1 and facilitate capital         
formation2  7,c7 the costs and benefits 
of ,form #aj-,q to other reporting      
companies1 investors1 market            
researchers1 and other market           
participants1 including the costs and   
benefits associated with--  7i7 the     
public availability of the information  
required to be filed on ,form #aj-,q2   
7ii7 the use of a standardized reporting
 format across all classes of reporting 
companies2 and  7iii7 the quarterly     
disclosure by some companies of         
financial information in formats other  

than ,form #aj-,q1 such as a quarterly  
earnings press release2  7,d7 the costs 
and benefits of alternative formats for 
quarterly reporting for emerging growth 
companies to emerging growth companies1 
the ,commission1 other reporting        
companies1 investors1 market            
researchers1 and other market           
participants2 and  7,e7 the expected    
impact of the use of alternative formats
 of quarterly reporting by emerging     
growth companies on overall market      
transparency and efficiency4  7c7       
,report required ,not later than #ahj   
days after the date of enactment of this
 ,act1 the ,commission shall submit to  
,congress a report that includes--  7#a7
 the results of the analysis required   
under subsection 7b72 and  7#b7         
recommendations for decreasing costs1   
increasing transparency1 and increasing 
efficiency of quarterly financial       
reporting by emerging growth companies4