SEC Proposes Allowing Companies to Submit Semiannual Reports

The Securities and Exchange Commission (SEC) has proposed new regulations that would allow public companies to file semiannual reports, rather than the traditionally required quarterly reports.

Currently, public companies have to file quarterly reports via Form 10-Q to meet their interim reporting obligations under federal securities laws. Under the proposal, companies can choose to file these reports semi-annually on the new Form 10-S, the SEC said in a May 5 statement.

“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 agency said.

“The flexibility provided under proposed amendments would enable public companies to choose the interim reporting frequency that would best serve the company and its investors.”

The filing deadline for Form 10-S will be 40 or 45 days after the first semi-annual period of a fiscal year ends, depending on the company’s filer status.

To implement the change, the proposal seeks to amend Regulation S-X, which governs financial statement requirements for periodic reports and registration statements.

In September 2025, President Donald Trump had proposed changing the reporting format.

“Companies and Corporations should no longer be forced to ‘Report’ on a quarterly basis (Quarterly Reporting!), but rather to Report on a ‘Six (6) Month Basis.’ This will save money, and allow managers to focus on properly running their companies,” Trump wrote in a Truth Social post at the time.

“Did you ever hear the statement that, ‘China has a 50 to 100 year view on management of a company, whereas we run our companies on a quarterly basis???’ Not good!!!”

During Trump’s first term, then-SEC Chairman Jay Clayton launched a review evaluating the advantages and disadvantages of the quarterly reporting system.

In a December 2018 paper, the economists concluded that quarterly reporting requirements have been “attributed to greater transparency of information and a lower cost of capital for companies seeking to raise funds.”

But on the flip side, issuing guidance on a quarterly basis “blinds management from seeing the bigger picture,” resulting in “short-term thinking,” the report said.

In a May 5 statement, current SEC Chairman Paul S. Atkins said that the recent proposal to shift to semiannual reporting is just the first step in a broader effort to review and update the current SEC regulations that govern public companies.

“Public companies have an obligation under the federal securities laws to provide information that is material to investors. 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,” Atkins said.

“Today’s proposed amendments, if ultimately adopted, would provide companies with increased regulatory flexibility in this regard.”

Atkins said the proposal was part of his “Make IPOs Great Again” agenda that seeks to incentivize companies to go public.

Experts have raised concerns about ending quarterly reports. A September 2025 post at CFA Institute said that these reports contain information that is likely valuable to both short-term and long-term traders. As such, ending quarterly reporting can negatively affect traders’ assessment of companies.

“It is nearly axiomatic that, in most applications, more data is preferable to less,” the U.S.-based nonprofit professional organization said in a blog.

Regulators “should weigh not just the savings but also the potential losses—losses to investors resulting from less transparency and to the economy resulting from impaired market efficiency,” it added.

In a May 5 statement, the Investment Company Institute (ICI), a trade association of the asset management industry, suggested exercising caution when changing the reporting requirements.

ICI said it was important to strike a balance between reducing unnecessary compliance regulations and preserving the quality of the disclosure framework that companies are subject to, which “underpins investor confidence and effective price discovery,” it said.

“Both the cadence of reporting and its content play meaningful roles in ensuring that investors receive consistent updates on company performance,” the institute said.

“ICI supports a thoughtful review of disclosure requirements to ensure that investors receive decision-useful information. Well-calibrated disclosure will always be essential for investors.”