Strong investor opposition to the SEC’s May 2026 proposal for optional semiannual reporting on new Form 10-S, rather than mandatory quarterly 10-Q filings, underpins the 83.5% market-implied probability against removal of the quarterly requirement. Record feedback exceeding 200,000 comments, predominantly negative from hedge funds, quant funds, and buy-side institutions citing reduced transparency and wider information asymmetries, combined with the Investor Advisory Committee’s June 2026 recommendation against the change, has slowed momentum despite administration support. The proposal remains under staff review with no final rule adopted, and historical precedent from the UK shows minimal voluntary shifts to semiannual cadence. Key upcoming catalysts include any revised adopting release and potential FOMC or earnings-related market reactions that could influence trader reassessment of adoption odds.