FT News Briefing
2026-05-06 · Hosted by — · Financial Times
Executive Summary
The SEC has proposed scrapping mandatory quarterly reporting for US-listed companies in favor of optional semi-annual filing — an acceleration of the Trump administration’s deregulatory push. SEC Chair Paul Atkins said current rules’ “rigidity” prevented companies and investors from determining the right reporting frequency for their needs. The proposal drew support from the American Securities Association but opposition from former officials and CFA Institute, citing investor transparency concerns. Citadel and Fidelity publicly backed quarterly reporting in March, with Citadel’s Stephen Berger emphasizing how timely, accurate, comparable information enables better capital allocation decisions.
Key Stories & Changes
1. SEC Quarterly Reporting Proposal
SEC proposing rule and amendments to allow public companies semi-annual filing instead of quarterly
Quarterly reporting customary in US since the 1970s
Many other countries already operate on semi-annual schedules
Trump railed against quarterly reporting in first term; renewed calls last September
Trump on Truth Social: “China has a 50 to 100 year view… whereas we run our companies on a quarterly basis”
Atkins: would “provide companies with increased regulatory flexibility”
2. Supporters vs. Critics
American Securities Association: CEO Chris Iacovella praised “right balance” and “less burdensome path forward”
Argues reduces short-term decision-making
Argues quarterly reporting requirements have contributed to shrinking public markets
Former SEC Commissioner Caroline Crenshaw (December farewell speech): warned markets starting “to look like casinos”; SEC’s “appetite to deregulate has been rapacious”
Amanda Fischer (Better Markets, former SEC chief of staff): SEC transformed into body “subject to the whims of the president’s social media posts”
CFA Institute (Sandra Peters): could increase investor uncertainty if companies switch between quarterly/semi-annual; 2019 survey found 59% of respondents opposed semi-annual model
3. Citadel & Fidelity on Record (March)
Both publicly backed quarterly reporting at SEC investor advisory committee meeting
Stephen Berger (Citadel managing director, government and regulatory policy): “Having that timely, accurate and comparable information from all publicly listed companies allows investors to make more informed investment decisions”
Argument: quarterly enables “more accurate market valuations that better optimise the allocation of capital to the real economy”
4. Broader SEC Deregulatory Context
Atkins nominated by Trump in late 2024 to replace Gary Gensler (Biden appointee)
SEC under Atkins:
Adopted accommodative approach to crypto
Slashed headcount across enforcement, examinations, and economic/risk analysis divisions
Trends Identified
1. SEC Pivots from Enforcement to Flexibility
The Atkins SEC is operating on a fundamentally different philosophy from Gensler’s enforcement-heavy era. Crypto accommodation, headcount reductions in enforcement, and now quarterly reporting flexibility all point toward letting markets self-determine more boundaries. Critics argue this reduces investor protection; supporters argue it lowers compliance costs and supports public market participation.
2. Short-Termism vs. Transparency Tension
The core debate cuts to a long-running policy tension: quarterly reporting promotes transparency but may incentivize short-term thinking. Trump’s “China 50-100 year view” framing represents one end; CFA Institute’s 59% support for current standards represents the institutional investor end. Major institutional voices (Citadel, Fidelity) are not aligned with the deregulatory thrust on this specific issue.
3. Public Markets Shrinkage Justification
ASA’s framing — that quarterly reporting requirements contribute to shrinking public markets — taps into a well-documented decline in US listed companies. Whether reducing reporting frequency reverses that trend is empirically uncertain. —-
Sentiment Analysis
Overall Market Sentiment: Politically Charged Reform
The proposal exposes deep institutional disagreement: deregulation supporters cheer flexibility; investor advocates and major hedge funds prefer status quo.
Risk Factors Highlighted
Reduced investor transparency: Critics warn move could reduce comparability across companies
Inconsistent reporting: Companies may switch between quarterly and semi-annual year-to-year, creating uncertainty
Regulatory whiplash: Markets becoming “subject to the whims of the president’s social media posts” per Fischer
Enforcement capacity reduced: SEC headcount cuts limit oversight
“Casino markets” risk: Crenshaw’s warning about deregulatory drift
Capital allocation efficiency: Less frequent disclosure may impair price discovery
This episode was covered in today’s The Market Signal — 2026-05-06, a cross-source synthesis of multiple podcast reports.