Investors Reject SEC’s Push for Less Frequent Corporate Reporting — CFA Institute

Event summary

CFA Institute surveyed 2,500 investment professionals in January 2026, finding 62% oppose replacing quarterly reporting with semiannual reporting.
85% of respondents believe management incentives, not reporting frequency, drive long-term decision-making.
78% of investors want to retain Form 10-Q filings even if quarterly reporting becomes optional.
60–80% of respondents fear reduced reporting frequency could increase stock volatility and information asymmetries.

The big picture

The debate over quarterly reporting comes as AI transforms financial information analysis, making timely disclosures more critical. Investors argue that reducing reporting frequency could weaken market transparency and comparability, particularly amid geopolitical and economic volatility. The CFA Institute’s findings suggest any changes to disclosure requirements should be backed by robust empirical evidence before altering a framework that has underpinned U.S. capital markets for decades.

What we're watching

Regulatory Dynamics: Whether the SEC will proceed with changes despite investor opposition and lack of empirical evidence supporting the shift.
Market Efficiency: How reduced reporting frequency could impact stock volatility and information asymmetries between institutional and retail investors.
Disclosure Trends: The pace at which companies might shift to voluntary disclosures and non-GAAP measures if quarterly reporting becomes optional.