SEC Proposes Semiannual Reporting

The SEC just proposed something that quietly aligns the US with what the EU, UK, Canada, and Hong Kong have been doing for years: making quarterly reporting optional.

On May 5, 2026, the SEC formally proposed allowing US public companies to file semiannual reports on a new Form 10-S in lieu of the quarterly Form 10-Q. SEC Chair Paul Atkins pitched it as part of his "Make IPOs Great Again" agenda. A 60-day comment period is now running.

What's striking is how late the US is to this conversation:

EU: abolished mandatory quarterly interim management statements in 2013, via amendments to the Transparency Directive

UK FCA: implemented the change a year early, in 2014

HKEX: removed mandatory quarterly reporting for GEM issuers in January 2024 (the Main Board never required it)

Canadian CSA: launched its Semi-Annual Reporting Pilot in March 2026, though limited to TSXV/CSE-listed venture issuers with under CAD 10 million in annual revenue

For Taiwan, this relaxation is likely to come only much later, if at all. The sludge lies in the fact that quarterly reporting obligation is codified in Taiwan’s Securities and Exchange Act, and any amendments thereto will require the full process of the legislative body without the flexibility of a regulatory body.