SEC Plan to Cut Reporting Frequency Divides Market

U.S.-listed companies currently file three Form 10-Q quarterly reports and one Form 10-K annual report with the Securities and Exchange Commission each year, a framework rooted in rules adopted more than five decades ago. The debate matters because standardized quarterly filings give investors regular access to financial statements and risk updates, while issuers say preparing them consumes money and management time and can reinforce short-term pressure around earnings.

On May 5, 2026, the SEC proposed allowing public companies, including listed banks, to replace three Form 10-Qs with one new Form 10-S semiannual filing, alongside the annual report. Form 10-S would be due 40 or 45 days after the first half ends, depending on filer status. The SEC’s Investor Advisory Committee opposed the shift on June 4, and investor groups pushed back before comments closed July 6. The American Bankers Association backed optionality but said other quarterly regulatory filings could limit banks’ savings and uptake.