Speech by SEC Commissioner:
Statement at Open Meeting to Adopt Commission Guidance on Presentation of Liquidity and Capital Resources Disclosures in Management's Discussion and Analysis and to Propose Amendments Regarding Short-Term Borrowings Disclosure
Commissioner Troy A. Paredes
U.S. Securities and Exchange Commission
September 17, 2010
Thank you, Chairman Schapiro.
I support the recommendations before us, which are designed to provide investors with better information and thus are expected to subject corporate decision making to enhanced investor oversight.
The proposal on short-term borrowings seeks comment on a range of important questions. I look forward to the comments we will receive and am particularly interested in hearing from commenters on (1) the steps issuers might have to take to collect the information needed to comply with the proposed MD&A disclosures, and (2) the extent to which non-financial companies should be subject to the expanded MD&A requirements.
I join my colleagues in thanking the staff — especially the team from the Division of Corporation Finance — for your hard work preparing the interpretive guidance and the proposal.