Types of disclosure
Disclosure is broadly divided into "statutory disclosure" — required under the Financial Instruments and Exchange Act, such as securities reports and quarterly reports — and "timely disclosure" — based on stock exchange rules, such as earnings summaries and prompt announcements of important facts. Both systems are designed to give investors fair access to information.
What to keep in mind
Disclosed information is an important input for investment decisions, but the timing and scope of disclosure can sometimes be limited to the minimum required by law and regulation. It is advisable to cross-check multiple disclosure materials and historical trends rather than relying on a single piece of information.