A top U.S. securities regulator on Friday called for reforms to streamline the disclosures that public companies are required to file, saying he is concerned that some company filings may not actually be helpful to investors. "I often hear from investors that disclosure documents are lengthy, turgid, and internally repetitive," Securities and Exchange Commission Republican member Daniel Gallagher said in prepared remarks before the Annual Institute for Corporate Counsel in New York. "They are ... not efficient mechanisms for transmitting the most critically important information to investors." Gallagher is the second SEC commissioner in recent months to call for reforms to public company disclosures. In October, SEC Chair Mary Jo White said she was afraid investors are facing "information overload," and noted that some disclosures may be duplicative or obsolete. She cited several examples of areas that could be ripe for review, noting that some information required to be disclosed,
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