For more than 55 years, US public companies have filed quarterly reports like clockwork. The SEC now wants to make that optional, and some of the biggest names in finance are not having it.
The Securities and Exchange Commission proposed on May 5, 2026, through Release No. 33-11414, a new voluntary semiannual reporting framework built around a form called the 10-S. It would replace up to three annual 10-Q filings for companies that choose to opt in. SEC Chairman Paul Atkins framed the move as a way to reduce regulatory burdens and modernize disclosure practices. The institutional investment community read it differently: as a threat to the information pipeline they depend on to do their jobs.
Wall Street’s heavyweights line up against the plan
The opposition reads like a who’s who of professional money management. Citadel, Fidelity, Two Sigma Investments, D.E. Shaw, and the Managed Funds Association have all raised concerns about the proposal. Their core argument is straightforward: less frequent reporting means more room for information asymmetry, which is a polite way of saying corporate insiders would know things the rest of the market doesn’t.
Investor pushback has been building since at least April 2026, well before the formal proposal dropped. Now that the SEC has opened an official comment period, those objections are being put on the record.
