The SEC’s May 2026 proposal to replace mandatory quarterly Form 10-Q filings with an optional semiannual Form 10-S has encountered significant resistance, driving the 83.5% market-implied probability against full removal of the requirement. Record opposition exceeding 200,000 comments, primarily from investors concerned about reduced transparency and timely material information, along with a June 2026 Investor Advisory Committee recommendation against the change, have weighed heavily on adoption prospects. The rule remains in the post-comment review phase with no final adoption or effective date, and any version would still permit companies to continue quarterly reporting voluntarily. Key upcoming catalysts include SEC staff recommendations on modifications and potential Commission votes, likely extending into 2027.