SEC Takes Next Step Towards Semiannual Reporting for Public Companies

On May 5, 2026, the Securities Exchange Commission (“SEC”) published a press release announcing proposed amendments to publicly traded companies reporting requirements.

Under the current requirements, public companies subject to the Exchange Act Sections 13(a) or 15(d), must file quarterly reports on Form 10-Q. This includes three quarterly reports and one annual report each fiscal year. The SEC’s proposed changes will provide companies with the option to only file on a semiannual basis on a new Form 10-S. If filing on a semiannual basis, the companies will file one semiannual report and one annual report each fiscal year.

Additionally, the proposal includes amendments to 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 press release includes SEC Chairman Paul S. Atkins statement that “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.”

Once the amendments are published in the federal registrar, the public will have the opportunity to comment for 60 days.