A proposal by the Securities and Exchange Commission would give public companies the option of filing semiannual reports instead of quarterly reports to meet their obligations under the federal securities laws.
Currently public companies, subject to Exchange Act Section 13(a) or 15(d), are required to file quarterly reports on Form 10-Q. The proposed amendments would allow these public companies to elect to file semiannual reports on new Form 10-S instead of quarterly reports on Form 10-Q.
As a result, companies that elect to file semiannual reports would file one semiannual report and one annual report for each fiscal year in lieu of three quarterly reports and one annual report. The SEC said this added flexibility would enable public companies to choose the interim reporting frequency that would best serve the company and its investors.
“Public companies have an obligation under the federal securities laws to provide information that is material to investors,” said SEC Chairman Paul Atkins. “Yet, the rigidity of the SEC’s rules has prevented companies and their investors from determining for themselves the interim reporting frequency that best serves their business needs and investors. Today’s proposed amendments, if ultimately adopted, would provide companies with increased regulatory flexibility in this regard.”
The plan was developed following a social media post by President Trump in September 2025 suggesting such a shift. “This will save money, and allow managers to focus on properly running their companies,” Trump said.
At the time, Atkins said the SEC would “prioritize” the president’s proposal. “It’s a good time to look at the whole panoply of ways that people get information, how it’s disseminated and what’s fit for purpose,” Atkins said.
SEC spokesperson Ben Watson said that Atkins has been clear that the SEC’s plan would offer companies the option of reporting on a quarterly or twice-yearly basis, “with the goal of removing the agency’s thumb from the scales and allowing the market to dictate the optimal reporting frequency based on factors such as the company’s industry, size, and investor expectations.”
Atkins has noted that many investors get more information from earnings calls rather than they do from quarterly reports and he supported Trump’s view that quarterly reports have driven corporate executives to focus too much on short-term returns.
The SEC has required companies to issue quarterly reports since 1970 but some companies have complained the requirements are unnecessary or too burdensome. Atkins said the “huge cost” of compliance is one reason companies stay private. One of his priorities is getting more companies to go public, he has said.
“A lot of stuff has changed since 1970,” Atkins said. “So I don’t see why we can’t or shouldn’t look at it again and see what’s the current state and what people are looking for.”
Trump first floated the idea of pulling back on the quarterly reporting requirements in 2016, but while the SEC solicited comments on the idea, it never was proposed as a rule change.
Investor groups have said the SEC should maintain the current reporting system because frequent reports instill financial reporting discipline and provide transparency to investors, while also helping them make key decisions.
The Investment Company Institute, an industry group, told Financial Advisor that the quality of the information is more important than the frequency of reports.
“It is important to strike a balance between reducing unnecessary compliance burdens and preserving the quality disclosure framework that underpins investor confidence,” ICI said in a statement.
Under the proposal, the filing deadline for semiannual reports on Form 10-S would be 40 or 45 days, depending on the company’s filer status, after the end of the first semiannual period of the fiscal year. The proposal also would amend Regulation S-X, which governs the financial statement requirements for periodic reports, registration statements, and proxy statements, to reflect the new semiannual reporting option and simplify the existing financial statement requirements.
The proposing release was published on SEC.gov and in the Federal Register. The public comment period will remain open until 60 days after the date of publication of the proposing release in the Federal Register.
Managed Funds Association President Bryan Corbett said the SEC should review changes to the overall disclosure regime “holistically to avoid creating information gaps that harm investors and market efficiency.” MFA is a trade group representing hedge funds and private equity.
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