Advisors4Advisors

Last updated July 1, 2026

What happens when the world’s largest capital market reduces the required frequency of standardized public financial information? 

We may soon find out. 

The SEC has proposed a rule allowing public companies to stop filing 10-Qs and file semiannually financials instead. 

A major finding of the compilation and analysis of the public comments:  the SEC proposal for semiannual reporting is drawing overwhelming opposition.  

The analysis reviewed 511 records, including 507 public comment letters and 4 SEC meeting memoranda. Of the public comments, 479 opposed the shift or urged the SEC to keep quarterly reporting, while only 10 were counted as strictly pro-semiannual and 9 were mixed or conditional.  

Commenters were roughly 98% opposed and 2% in favor of semiannual reporting by publicly held companies. 

Commenters viewed the proposal as a change in the cadence of formal standardized public information and not merely a recordkeeping change. 

Opposition came from retail investors, advisers or financial professionals, and investment club members. 

At this class, investment advisers learn how to:

At least 300 comments mentioned one of these investor types, and at least 160 identified as retail, individual, private, personal, retirement, or self-directed investors, 42 involved financial or capital-markets credentials, and 16 referenced investment clubs—Better Investing, NAIC, or similar groups. 

Another key finding of the analysis of the comments is the change the proposed rule's adoption would make to fiduciary risk.  If companies elect semiannual reporting, advisers still must monitor holdings, explain recommendations, and document a prudent process, even if they have less regular form 10-Q evidence.