Trump Pushes to End Quarterly SEC Reporting: What Companies Should Know
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On September 16, 2025, President Trump renewed his call for a dramatic change in corporate disclosure practices: ending quarterly reporting to the SEC in favor of a semi-annual model. The administration argues that this shift would reduce regulatory burdens, discourage short-term thinking, and give companies greater flexibility.
The SEC has announced that it will prioritize this proposal, reflecting the administration’s desire to reshape how public companies disclose their financial performance. If adopted, this could mark the most significant change in U.S. financial reporting in decades.
A Familiar Idea with New Momentum
This is not the first time President Trump has raised this issue. During his first term, the SEC asked for public comment on whether to reduce reporting frequency, sparking a 2019 roundtable that drew hundreds of responses from companies, investors, and advocacy groups.
Prominent business leaders—including Jamie Dimon and Warren Buffett—have long argued that quarterly reports fuel short-termism and distract management from long-term growth. By reviving this debate, the administration is tapping into years of corporate frustration with the pace and cost of SEC filings.
Why the Business Community is Divided
Many corporations welcome the idea of semi-annual reporting, citing the compliance costs and time pressures of preparing quarterly 10-Qs. For them, fewer filings mean fewer distractions, lower legal expenses, and a better focus on strategy.
But not everyone is convinced. Investors, particularly institutional investors, rely heavily on quarterly numbers to make informed decisions. Even if the SEC were to end mandatory 10-Q filings, some analysts believe companies would still feel market pressure to release earnings updates every three months. In other words, semi-annual reporting may not eliminate short-term pressures entirely.
What Would Replace the 10-Q?
If quarterly filings disappear, companies could be required to file a new form, such as a “Form 10-SA,” or follow the Form 6-K model used by foreign private issuers, who already report semi-annually.
There are also legal questions: Section 13 of the Securities Exchange Act requires quarterly reports, which may mean Congressional action would be needed, not just an SEC rule change. This uncertainty adds complexity to how quickly such a reform could be implemented.
Key Considerations for Companies
- Disclosure Practices May Not Disappear – Even without a legal requirement, investor expectations could drive companies to continue releasing quarterly earnings updates.
- Stock Exchange Rules Could Shift – The NYSE currently requires earnings releases if interim financials are filed. Without 10-Qs, exchanges would need to clarify their policies.
- Regulatory Pathway is Unclear – Whether this can be achieved by SEC rulemaking or requires Congressional involvement remains unresolved.
Implications for Boards and Executives
For corporate leaders, the potential move to semi-annual reporting raises both opportunities and challenges:
- Pros: Reduced compliance costs, more room for long-term strategic planning, less pressure from quarterly earnings cycles.
- Cons: Less frequent transparency may create investor skepticism, and companies might still feel compelled to disclose quarterly results voluntarily.
Boards should begin evaluating how this change would affect investor relations, disclosure policies, and compliance infrastructure.
Final Thoughts
President Trump’s renewed push to end quarterly reporting has set off another wave of debate between regulators, companies, and investors. While the promise of reduced short-term pressure is appealing, the reality is complex: investor demand for timely data is unlikely to fade.
If the SEC follows through, companies will need to rethink how they balance transparency with efficiency. Whether this requires new forms, stock exchange rule changes, or even Congressional approval, one thing is clear—the disclosure landscape may soon look very different.
At our firm, we help companies navigate the evolving regulatory environment, from SEC disclosure rules to governance practices. Whether you are preparing for a shift to semi-annual reporting or refining your investor communications, our team can guide you through the process and ensure compliance while protecting long-term value.
Contact Person: Nick L. Torres, Esq. and Zhiqi Zheng, Esq.
Written By Nick L. Torres, Esq.
Nick L. Torres, Esq., founder and managing partner of Torres & Zheng at Law, P.C. (T&Z Business Law), specializes in China-related corporate and securities transactions, including venture capital, private equity, M&A, and securities offerings, with expertise in Restaurant Law and China Practice.
