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SEC proposes to permit semiannual instead of quarterly reporting
SEC Update
26 May 2026
The SEC recently issued a rule proposal that would permit all registrants required to file quarterly reports under the Exchange Act to satisfy their interim reporting obligations by filing a semiannual report covering the first half of the fiscal year instead of quarterly reports for the first, second, and third fiscal quarters. The required narrative and financial disclosures for the semiannual report on new Form 10-S would be substantially the same as current Form 10-Q disclosures.
The proposed rule and form amendments would allow, but not require, registrants to switch from quarterly to semiannual reporting. A registrant could elect to file a semiannual report in any fiscal year by checking a box indicating semiannual filer status on the cover page of its Form 10-K report filed for the most recently completed fiscal year. In future years, the registrant could choose to continue reporting on a semiannual basis or resume quarterly reporting through the same annual check-the-box process.
The SEC acknowledges that, depending on their individual circumstances, some registrants might forgo the potential cost savings and other benefits of semiannual reporting and continue to file quarterly reports. Among the factors that could weigh against a change, quarterly filings might be preferred by investors and securities analysts, or could be required by other regulators, lenders, and other parties.
The SEC’s proposing release (No. 34-11414), which was issued on May 5, 2026, may be accessed here. Comments on the rule proposal must be received by July 6, 2026.
Click here to read our full SEC Update publication.
Authored by Alan Dye (co-editor), Richard Parrino (co-editor), Elizabeth Banks, John Beckman, Kevin Greenslade, Michael McTiernan, Catalina Parkinson, and Weston Gaines.
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