Investors and market groups largely opposed the SEC plan to let companies switch from quarterly filings to semiannual reports, while a dispute over a comment-submission email address may complicate the rulemaking process.
The Securities and Exchange Commission’s proposal to let public companies replace three quarterly Form 10-Q filings with a semiannual Form 10-S alongside the annual 10-K has drawn broad opposition from investors and market groups. Better Markets said its review of comments posted on the SEC’s website found close to 99% against the change, while the agency has posted more than 66,000 comments and is still working through a backlog; Amanda Fischer said she believes the total could reach 200,000, citing a figure she attributed to Chairman Paul Atkins at an internal town hall. The Council of Institutional Investors, whose members manage about $5.2 trillion, warned the shift could weaken auditor review and management certification and worsen share-price volatility, while a filing from the Reddit community r/wallstreetbets said quarterly reports are a key tool for retail investors learning to analyze companies. The proposal, issued May 5, 2026, in Release No. 33-11414, has also become entangled in a dispute over whether the Federal Register listed the wrong comment email address. Better Markets said the use of rule-comment@sec.gov instead of rule-comments@sec.gov may have prevented some submissions from being received before the July 6 deadline, though an SEC spokesperson said both addresses are valid. The issue matters because agencies must consider and respond to significant comments under the Administrative Procedure Act before finalizing a rule, and critics say less frequent reporting would reduce transparency for retail investors, including digital asset companies that may go public under the same framework.