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SEC wants more Brexit disclosure, Clayton says

Tammy Whitehouse | November 12, 2018

As turmoil over the British exit from the European Union deepens, the Securities and Exchange Commission is looking for public companies to start disclosing more about how they’ll be affected.

At a Financial Executives International conference, SEC Chairman Jay Clayton said he believes there’s a great deal more companies could be telling investors about how they’ll be affected by Brexit, and it will be a focus for the SEC going forward. “My personal view is that the potential impact of Brexit has been understated,” he said. “Those impacts will start to manifest themselves” before the United Kingdom officially cuts ties with the European Union, he said.

Wes Bricker, chief accountant at the SEC, said companies likely will see effects from Brexit to their integrated supply chains or integrated financings around the globe, which would affect assumptions that go into asset valuations and financings, among others. It’s an area of disclosure “that has come along,” said...

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