The U.S. Securities and Exchange Commission (SEC) on Wednesday proposed rule and form amendments to let public companies file semiannual reports in place of quarterly filings. The proposal introduces a new Form 10-S as an alternative to Form 10-Q. Under the new structure, eligible companies would submit one semiannual and one annual report per fiscal year, replacing the current requirement of three quarterly reports plus an annual report.
Form 10-S Replaces 10-Q with Adjusted Deadlines
Currently, companies subject to Exchange Act Sections 13(a) or 15(d) must file quarterly reports on Form 10-Q. The proposed change allows them to switch to semiannual reporting using Form 10-S. Deadlines vary by filer status: reports are due 40 or 45 days after the end of the first half of the fiscal year. SEC Chairman Paul S. Atkins said the current framework limits flexibility for both companies and investors. He stated that the amendments would allow both parties to determine reporting frequency based on their needs.
Regulation S-X Revision to Align with Semiannual Structure
The SEC also plans to revise Regulation S-X, which governs financial statement requirements across periodic filings and registration documents. The changes aim to align disclosure rules with the new semiannual structure and simplify reporting obligations for companies opting into the alternative. The full proposing release will be published on the SEC website and in the Federal Register, formally opening the proposal for public review.
60-Day Comment Period; Crypto Firms Could Benefit
Following publication in the Federal Register, the proposal enters a 60-day public comment period. Market participants can submit feedback during this time. The review process will determine whether the amendments move forward, are revised, or withdrawn. If adopted, crypto companies listed in the U.S., such as Coinbase and MicroStrategy, could see reduced compliance costs from less frequent financial reporting. However, the proposal remains under discussion and final rules may differ.