The U.S. Securities and Exchange Commission voted unanimously to modernize the disclosure requirements for foreign companies offering securities in U.S. markets.

It is proposing to eliminate requirements for foreign companies without SEC-registered securities to submit paper disclosures. Instead, they will be able to provide access to their disclosure documents, in English, on the Internet. Also, after a transition period, foreign reporting companies will be required to file their annual reports with the SEC two months earlier.

The SEC says that the proposed rule amendments will make it easier for U.S. investors to gain access to timely financial information that can help them make better informed investment decisions; and that they will facilitate the ability of U.S. investors to participate in cross-border tender offers and other business combinations.

“Today’s action will make foreign companies’ disclosures available to U.S. investors more quickly and without cost — and in English,” said SEC chairman Christopher Cox. “These changes to our regulation of foreign private issuers will encourage cross-border capital flows and eliminate needless barriers to our securities markets, so U.S. investors have better information about the securities of foreign companies.”