U.S. Securities and Exchange Commission proposes optional semiannual reporting for companies that now file Form 10-Q

The U.S. Securities and Exchange Commission has proposed rule and form amendments that would let public companies currently subject to Form 10-Q requirements under Exchange Act Sections 13(a) or 15(d) satisfy interim reporting obligations with one semiannual report on a new Form 10-S instead of three quarterly reports. Companies that elect the option would file one Form 10-S and one Form 10-K for each fiscal year, while companies that do not elect it would continue filing quarterly reports. Form 10-S would carry the same narrative disclosures and financial information now required by Form 10-Q, but for a six-month period rather than a quarter. The filing deadline would be 40 or 45 days after the end of the first semiannual period, depending on filer status. The election would be made annually through a check box on Form 10-K, or on Forms S-1, S-3, S-4, S-11, or Form 10 for companies entering the reporting system, and would apply for the full fiscal year. The proposal also would amend Regulation S-X to accommodate semiannual reporting and simplify age of financial statements rules for periodic reports, registration statements, and proxy statements. The proposing release will be published on SEC.gov and in the Federal Register. Comments are due within 60 days after publication in the Federal Register.