1、CRS INSIGHT Prepared for Members and Committees of Congress INSIGHTINSIGHTi i Publicly-Traded Firms and COVID-19-Related Disclosures July 9, 2020 To restore confidence in the securities markets in the wake of the stock market crash of 1929, Congress passed the Securities Act of 1933 (Securities Act;
2、 P.L. 73-22) and the Securities Exchange Act of 1934 (Exchange Act; P.L. 73-291). The Exchange Act created the Securities and Exchange Commission (SEC), a key regulator of various facets of securities markets. The acts generally require companies that issue securities to the general public to public
3、ly disclose data deemed material for investors on both the securities and the issuing firms. Financial disclosures are done quarterly, annually, and on an ad hoc basis for certain developments. Firms also can make certain legally protected, forward-looking predictive comments. The Coronavirus Diseas
4、e 2019 (COVID-19) pandemic is materially impacting many public firms. In response, the SEC has issued multiple staff guidance regarding possible company disclosures relating to the pandemics impact. Americans for Financial Reform (AFR), a coalition of groups including the AFL-CIO and Public Citizen,
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