The SEC’s May 2026 proposal to replace mandatory quarterly Form 10-Q filings with an optional semiannual Form 10-S remains pending after a closed comment period that drew heavy investor opposition and an Investor Advisory Committee recommendation against the change. Significant market-structure concerns, including potential exchange rule adjustments and reduced interim transparency for pricing and governance, have slowed progress toward final adoption, with any rule likely delayed into 2027 or later. These hurdles, set against decades of standardized quarterly disclosure supporting efficient capital allocation, underpin the 83.5% market-implied probability that the requirement will not be removed. Key near-term catalysts include any SEC staff recommendation or Commission vote on a final release.