TD Cowen: SEC may shift to semi-annual earnings reports, sees 60% chance of change

  • A move to semi-annual reporting would be a structural shift for U.S. markets, potentially easing compliance burdens for corporates but reducing transparency for investors. While markets are not immediately pricing in the change, TD Cowen notes the push could gain traction as a Trump administration policy win.
Market pulse flat

TD Cowen estimates there is a 60% chance the Securities and Exchange Commission will move from quarterly to semi-annual earnings reporting, a long-debated change that has picked up political and industry support. The push has been bolstered by lobbying from the Long-Term Stock Exchange and backing from President Trump, analysts noted.

SEC Chair Paul Atkins is seen as well-positioned to deliver the change, which TD Cowen argues could serve as a relatively straightforward policy win. Still, any formal rulemaking process is expected to take six months or longer before implementation.

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I posted on this last week and again just a few minutes ago:

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