The US SEC is preparing to propose new regulations, canceling the requirement for listed companies to disclose their performance quarterly and changing it to twice a year.

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On Monday, media reports cited sources saying that the U.S. Securities and Exchange Commission (SEC) is preparing to propose a rule to eliminate the requirement for listed companies to disclose earnings quarterly, instead allowing companies to choose to publish their results only twice a year.

Specifically, the new regulation is expected to make quarterly financial reporting optional rather than completely abolishing quarterly reports. The regulators may announce the proposal as early as next month. To prepare for the proposal, regulators have communicated with officials at major exchanges to discuss how they should adjust their own requirements if the rules change. Once the proposal is released, it will enter a public comment period, which usually lasts at least 30 days. Afterwards, the SEC will vote on the proposal.

It should be noted that there is currently no guarantee that the proposal will eventually be implemented.

The idea to shift to semiannual financial reporting began to gain momentum at the end of last year. Some exchanges petitioned the U.S. SEC to eliminate the quarterly financial disclosure requirement. U.S. President Trump and SEC Chairman Paul Atkins have both expressed support for this idea.

For more than 50 years, U.S. listed companies have published their results every three months. During Trump’s first presidential term, he briefly explored the possibility of semiannual reporting, but progress was not made at that time.

Supporters of reducing disclosure frequency believe this change could help boost the declining number of U.S. listed companies. A common reason companies choose to stay private is that being listed and maintaining that status requires handling substantial, time-consuming, and costly administrative work.

However, any change is likely to face opposition from investors, because they rely on the transparency provided by regular information disclosure.

After a rule adjustment in 2013, European listed companies are no longer forced to report financial results quarterly. The UK eliminated the quarterly financial reporting requirement about ten years ago, though many companies still choose to publish results quarterly.

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