Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Trump Proposes Ending Quarterly Company Reports
Governance | Sep 15, 2025
Image: Freepik/Atlascompany
Trump Urges SEC to Replace Quarterly Reports with Semi-annual Filings
President Donald Trump has called for a sweeping change in how publicly listed U.S. companies report their financial results, advocating a move from quarterly disclosures to filings every six months. He argues this measure would save money and enable corporate leaders to concentrate on long term strategies rather than quarterly earnings pressure.
See: March 1, 2019: NCFA Submission to the Ontario Securities Commission on Regulatory Burden
The requirement for quarterly reporting has been in place since 1970 under U.S. securities law, as outlined in SEC disclosure mandates introduced in the 1970s. The proposal requires approval by the U.S. Securities and Exchange Commission (SEC) and would align the U.S. with the UK and some European countries according to Reuters.
How U.S. Reporting Works Today
Under SEC rules now, U.S. issuers file annual 10-K reports and quarterly 10-Q updates. The 10-Q includes unaudited interim statements and disclosure about events and risks for the period. The SEC last examined reporting frequency in its 2018 request for comment, inviting views on whether the system encourages short term focus and how to reduce duplication while protecting investors.
What Other Markets Do
Europe removed the quarterly mandate in 2013 through the Transparency Directive reform, and toward annual and half-year reports while preserving continuous disclosure duties. Singapore adopted a risk-based approach in 2020, ending blanket quarterly requirements for most issuers, as outlined in SGX’s 2020 change. In Canada, the CSA’s 2021 proposed amendments to NI 51-102 sought to streamline and reduce reporting obligations, including combining interim reports and MD&A, and offering electronic delivery models, but those reforms have been delayed and are not yet implemented.
Why Investors Care
Quarterly updates are great regular checkpoints when companies must reveal material issues and take questions on earnings calls. Moving to semiannual reports would reduce the frequency of these windows.
See: New Zealand’s Regulatory Approach Offers Lessons for Canada
Supporters say fewer filings could lower compliance costs and ease short term pressure. Critics warn about weaker transparency and delayed red flags which could harm investors.
What Happens Next
Any change would run through SEC rulemaking, including proposal, public comment, and cost benefit review. Smaller issuers or specific industries may require exemptions, and resistance from analysts and investors who rely on quarterly earnings can be expected. During Trump’s first term the idea didn't advance, but interest has resurfaced. Until a formal proposal appears, quarterly 10-Q filings remain in force.
Outlook
Frequent disclosure reporting is at the core of how capital markets assign value and monitor risk. A move to semiannual reporting could help executives plan on a longer timeline, potentially supporting innovation and productivity. However, delayed release of material information could weaken investor confidence. Whether Trump's request stays as campaign talk or becomes an actual rule will depend on how the SEC responds and what institutional investors and company boards say.
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