SEC Proposes

In a potential sea change to U.S. public company reporting, the U.S. Securities and Exchange Commission has proposed allowing companies to elect to file semiannual reports on new Form 10-S instead of quarterly reports on Form 10-Q. New Form 10-S would require the same narrative disclosures and financial information as current Form 10-Q, but would cover a fiscal six-month period rather than a fiscal quarter. 

The proposal would not change the foreign private issuer reporting regime, which does not impose Form 10-Q reporting on FPIs. The SEC has not yet issued a proposal in connection with last year’s FPI eligibility concept release.