Earlier today, the U.S. Securities and Exchange Commission (SEC) issued a Proposed Rule to allow public companies to file semiannual reports instead of making quarterly filings.
This proposal is subject to a 60-day public comment period, starting on the day the Proposed Rule is published in the Federal Register.
The SEC’s proposal would permit public companies to elect to file semiannual reports on a new Form 10-S, in lieu of filing quarterly reports on Form 10-Q. A company making this election would be required to file one semiannual report and one annual report for each fiscal year. A company that does not choose to be a semiannual filer would continue to file quarterly reports on Form 10-Q.
This Proposed Rule raises a number of issues important to the investor relations profession. NIRI plans to conduct a member survey and host a member webinar, in order to receive input for NIRI’s comment letter to the SEC. More information about the survey and webinar will be available soon.
In the meantime, here are links to relevant documents and statements issued by the SEC regarding this Proposed Rule: