A record public comment file says one thing. A NIRI Annual Conference panel and a fresh benchmarking poll of IR teams says the real question isn’t whether companies report less, but whether the work behind reporting ever actually gets lighter.
By Lucia Domville, IRC
In May 2026, Securities and Exchange Commission (SEC) Chairman Paul Atkins unveiled a proposal that would let public companies opt out of quarterly financial reporting in favor of a new semiannual filing, Form 10-S. The SEC framed it as flexibility and an opportunity for each company and its investors to choose the interim reporting cadence that fits the business. The proposal quickly became one of the most-commented rules in the agency’s history.
The public reaction was not subtle. The Wall Street Journal reported in July that, according to people familiar with the matter, the SEC received a record number of comments on the plan, totaling more than 200,000. Most of the comments urged the agency not to make quarterly reporting optional. Despite that volume of opposition, the Journal reported the SEC is still expected to move forward, though it could alter the final language in response to the comments. That is consistent with President Trump’s long-standing support for the idea.
For investor relations (IR) professionals, the gap between public mood and the SEC’s apparent direction is only part of the story. The other part is one that rarely makes headlines: whether eliminating a filing actually cuts the work. NIRI members got an early, practitioner-level look at what an opt-in world might require at the NIRI 2026 Annual Conference session “Beyond the Quarter: Exploring Semiannual Reporting.” A review of the SEC’s early comment file shows how one-sided the public record has been, and an informal benchmarking poll of IR teams conducted for this article puts numbers behind a suspicion many practitioners already share: earnings prep is consuming enormous time today, and the SEC’s proposed fix addresses the filing, not the workload.
This content is only available to NIRI Members.
Already a member? Use the Sign In button at the top of the page to access this article.
Not a member yet? Learn more about the benefits of NIRI membership.