WASHINGTON, May 5, 2026 — The Securities and Exchange Commission said Tuesday, in a statement, that it has proposed rule and form amendments that would allow public companies to file semiannual reports in place of quarterly reports to meet interim reporting obligations under federal securities laws.
The proposal would permit companies subject to Exchange Act Sections 13(a) or 15(d) to elect to file semiannual reports on a new Form 10-S instead of quarterly reports on Form 10-Q.
Reporting framework and filing structure
Under the proposed amendments, companies that elect the semiannual option would file one semiannual report and one annual report per fiscal year, replacing the current requirement to file three quarterly reports and one annual report.
The SEC said the framework is intended to provide flexibility for companies to determine the reporting frequency that best aligns with their business needs and investor base.
Filing deadlines and disclosure requirements
The proposal sets filing deadlines for Form 10-S at 40 or 45 days after the end of the first semiannual period, depending on the company’s filer status.
The SEC also proposed amendments to Regulation S-X to reflect the semiannual reporting option and to simplify financial statement requirements for periodic reports, registration statements, and proxy filings.
Regulatory rationale
SEC Chairman Paul S. Atkins said the proposal is aimed at providing companies with greater regulatory flexibility while maintaining their obligation to disclose material information to investors.
The Commission said the proposed amendments would allow companies and investors to determine the interim reporting frequency that best serves their needs within the existing disclosure framework.
Comment period
The proposing release will be published on the SEC’s website and in the Federal Register, with a public comment period open for 60 days following publication.
Relevance for digital asset markets
The proposal could affect publicly listed companies with exposure to digital assets, including exchanges, mining firms and ETF issuers, by changing the frequency of required disclosures to investors under the SEC’s reporting framework.
