The SEC’s May 2026 proposal to permit optional semiannual reporting on a new Form 10-S, rather than mandating removal of quarterly 10-Q obligations, has anchored the 83.5% market-implied probability that the requirement will remain intact through year-end. Record opposition, including more than 97% negative comment letters and a June 2026 recommendation from the SEC’s own Investor Advisory Committee citing risks to timely disclosure and capital allocation, has reinforced trader expectations that any final rule will preserve the status quo or face substantial delays. With the proposal still under staff review and no adoption vote scheduled before December 31, 2026, near-term catalysts appear limited to further comment analysis or potential 2027 modifications.