Investor opposition and procedural delays anchor the 83.5% market-implied probability that the SEC will not eliminate mandatory quarterly reporting by year-end. The May 2026 proposal to introduce optional semiannual Form 10-S filings drew record comment volume, with over 97% of submissions negative, citing risks to market transparency, price discovery, and governance. The SEC’s own Investor Advisory Committee recommended retaining quarterly mandates, while groups including the Managed Funds Association highlighted potential volatility and information asymmetry. Although Chairman Paul Atkins and the administration continue to advance the deregulatory effort, the extended comment review, possible revisions, and need for a final Commission vote make adoption before December 31, 2026, improbable. Traders price these hurdles as the dominant near-term constraint on rule finalization.