On May 5, 2026, the Securities and Exchange Commission (SEC) proposed a rule that would allow public companies — subject to Sections 13(a) or 15(d) of the Exchange Act (reporting companies) — to opt for a new form of semiannual reporting in lieu of the current quarterly reporting. In connection with the semiannual structure, the proposed rule would create a new Form 10-S and amend and clarify applicable regulations, which were originally tailored for the current quarterly reporting framework.
Current Framework
Since 1970, reporting companies have been required to file three quarterly reports within a fiscal year, with a final report taking the form of the company’s required annual report. The quarterly reports are filed on a Form 10-Q, while the final annual report is filed as a Form 10-K. These quarterly reports are detailed documents that require numerous disclosures, such as financial statements, analyses of financial condition, market risk, legal proceedings, material changes in
