IAA Statement on SEC’s Semiannual Reporting Proposal
July 6, 2026
The IAA strongly supports efforts to encourage companies to enter and remain in the public markets. We appreciate the SEC’s efforts to reduce unnecessary regulatory costs and burdens on these companies. However, we do not believe that allowing public companies to file semiannual instead of quarterly reports is an effective way to achieve this goal. Quarterly reporting promotes transparency and is important to informed investment decision‑making for both shorter-term and long-term investors. Less frequent reporting requirements could deprive fiduciary investment advisers of material, standardized, and comparable information they use to make decisions in their clients’ best interest. We urge the SEC to recognize the potential for semiannual reporting to worsen information asymmetry and disadvantage smaller and mid-sized investment advisers and their clients. Instead of changing the reporting cadence, we recommend that the SEC review and streamline the required content of Form 10-Q filings and consider other ways to encourage entry into the public markets.
