SEC Fast-Tracks End of Quarterly Reporting, Backing Trump's Push for Semiannual Disclosures

The U.S. Securities and Exchange Commission is moving unusually quickly to overhaul the cadence of corporate disclosure, with Chairman Paul Atkins confirming the agency is "fast-tracking" rules that would end mandatory quarterly reporting in favor of optional semiannual filings. On May 5, 2026, the SEC issued a proposed rule that would give public companies the choice to file one semiannual report on a newly created Form 10-S in lieu of three quarterly reports on Form 10-Q. Companies electing the new regime would file one semiannual report plus one annual report each fiscal year. Crucially, the proposal is optional: quarterly reporting remains the default for issuers that do not affirmatively opt in. The initiative responds directly to President Trump's renewed call to abolish quarterly reporting, which he argues fosters short-term thinking and distracts executives from long-term strategy. Atkins has placed the project on the Commission's accelerated agenda as part of his broader "Make IPOs Great Again" push to encourage more companies to go and stay public. Agency rulemaking typically takes 18 months to two years; Atkins's fast-track designation signals a far shorter runway. Atkins framed the proposal as the first step in a "comprehensive effort" to reshape the rules governing public companies' ongoing reporting obligations and capital-raising. He said the change would give issuers flexibility to determine "the interim reporting frequency that best serves their business needs and investors." The current quarterly cadence has been in place since 1970. Supporters, including many corporate executives and the administration, contend semiannual reporting would cut compliance costs, ease the pressure of meeting short-term earnings expectations, and align the U.S. more closely with the U.K. and EU, where semiannual reporting is common. Lower reporting burdens could make public listings more attractive to firms weighing private alternatives. Critics, including investor-protection advocates and some governance experts, warn that reducing disclosure frequency could erode transparency, widen information gaps between insiders and retail investors, and increase volatility around the less-frequent reports. Plaintiffs' firms and groups such as Cohen Milstein have flagged concerns about diminished accountability. International experience is mixed, and a U.K. move away from mandatory quarterly reporting did not produce clear evidence of reduced short-termism. For markets, the near-term impact is muted because the change is optional and still in the proposal stage, subject to a public comment period before any final rule. Large-cap firms with heavy analyst coverage may continue quarterly reporting to satisfy investor demand, while smaller issuers seeking cost relief are the most likely early adopters. The outcome will hinge on the comment process and final rule text, but the fast-track posture marks one of the most significant potential shifts in U.S. corporate disclosure in more than half a century.