The SEC Wants to Hear From You on Semiannual Reporting
The SEC has proposed letting public companies report twice a year on a new Form 10-S instead of filing three quarterly 10-Qs. It would be optional, elected each year, and it leaves the core investor protections in place. Form 8-K still requires prompt disclosure of material events, Regulation FD still bars selective disclosure, and the antifraud rules still apply.
This is a conversation our community should be part of, because it reaches further than a filing schedule. Lighter, better-scaled reporting is one of the levers that can help earlier-stage companies go public instead of staying private for a decade or more, and that affects every founder, early investor, and everyday saver among us. Many of us see the proposal as a sensible step. Here is the short version of the case for it.
The cost of being public does not shrink as a company shrinks. The SEC estimates that three quarterly reports run about $330,000 a year, against roughly $132,000 for a semiannual report. For a large company that gap is noise. For a small or newly public one it is real money that could fund the business instead. Giving each company the choice lets the reporting cadence follow the business, and the market will still reward those whose investors want quarterly detail.
Consider how long companies wait now. SpaceX was founded in 2002 and is still private more than twenty years later. The flood of late-stage private capital is the larger force there, and no single rule changes it. But the cost of being public falls hardest on small and young companies, and trimming a recurring piece of it is a step toward markets they can reach sooner. That matters for everyday investors, who too often get access only after the fastest growth has already gone to private hands.
This will not fix every problem in our public markets. It is one step, not a cure.
This is also why your comment matters. The SEC weighs the comments it receives, and large filers and their lawyers always send theirs. The voice that goes missing is the founder, the early investor, and the everyday saver who would gain from a healthier path to the public markets. If you want lighter, better-scaled rules for emerging companies, say so. The window closes July 6, 2026.
Read the proposal and comment directly at the SEC’s rule page:
https://www.sec.gov/rules-regulations/2026/05/s7-2026-15#33-11414proposed
Reference File No. S7-2026-15, or email rule-comments@sec.gov with that file number in the subject line. A few honest paragraphs in your own words is all it takes.
Treveri Capital SEC comment HERE.