SEC Proposes Optional Semi-Annual Reporting Regime

On May 5, 2026, the SEC proposed to permit public companies to file semiannual reports instead of quarterly reports. If adopted, companies subject to Exchange Act Section 13(a) or 15(d) that currently file quarterly reports on Form 10-Q could elect to file one semiannual report on new Form 10-S and one annual report on Form 10-K each fiscal year, rather than three quarterly reports and one annual report.

Proposed Form 10-S would generally require the same narrative disclosures and financial information currently required by Form 10-Q, but would cover a six-month period rather than a fiscal quarter. The filing deadline for Form 10-S would be 40 days after the end of the first semiannual period for large accelerated filers and accelerated filers, and 45 days for other registrants. The second semiannual period, along with the full fiscal year, would be covered in the company’s annual report on Form 10-K.