The Securities and Exchange Commission issued a proposed rule and form amendments that would give public companies the option of filing semiannual reports instead of quarterly reports to meet their reporting obligations under the federal securities laws. For those in the private space, that generates a yawn. Private companies are likely to keep reporting quarterly because that is what investors required and what is contractually required.
President Trump mentioned semi annual reporting in September 2025. Chairman Paul Atkins jumped as told and made it part of his “Make IPOs Great Again” agenda. (ugh). I guess that less reporting could be an incentive for a company to go public. IPOs are largely financing mechanisms, allowing existing capital to be replaced by permanent capital and creating liquidity for shareholders. I don’t think the pace of reporting is likely to be a substantive part of that equation.
I assume that the rule will pass and likely quickly. What company will be the first? What CEO will be the first to jump on MIGA bandwagon and proclaim that the company will supply less information to investors? Tesla? SpaceX?
You’ve got 60 days to Submit Public Comment
Sources:
- SEC Proposes Amendments to Permit Optional Semiannual Reporting by Public Companies
- SEC Proposed Rule
- Fact Sheet
- SEC Unveils Semi-Annual Reporting Proposal by Matt Kelly in Radical Compliance
- Statement on Proposing Release for Semiannual Reporting by Chair Atkins
- Statement on Proposing Semiannual Reporting by Commissioner Uyeda
- Quarterly Questions: Statement on the Proposed Amendments to Allow Semiannual Reporting by Commissioner Peirce
- End Quarterly Earnings Reports? Here’s the Debate By Nicola M White and Lydia Beyoud in Bloomberg
- SEC Unveils Plan to Let Companies Move to Semiannual Reports by Lydia Beyoud in Bloomberg