The SEC’s proposed rule would blindfold retail investors. Here’s what you need to know.

What is the SEC?

The Securities and Exchange Commission (SEC) is the federal agency responsible for regulating U.S. securities markets and protecting investors. It sets the rules that govern how public companies disclose financial information, what brokers can and can’t do, and how markets must operate. Think of it as the referee of Wall Street. When it works well, it keeps the game fair for everyone—not just the biggest players.

What is SEC Rule S7-2026-15?

Rule S7-2026-15 is a proposed SEC rule that would allow public companies to stop filing quarterly financial reports (Form 10-Q) and instead file just once every six months on a new Form 10-S. The rule was proposed on May 5, 2026, and the public comment period closes on July 6, 2026. If adopted, it would represent the biggest rollback of investor disclosure requirements in more than 50 years. Speak out here.

What is a quarterly report (Form 10-Q)?

A Form 10-Q is a financial report that publicly traded companies are currently required to file for each quarter. It includes detailed, high-quality information about revenues, expenses, debt, risks, and other material developments. Quarterly reports are one of the primary tools retail investors use to evaluate whether a stock is worth buying, holding, or selling. Without them, investors would receive an official picture of a company’s finances just once every six months—a gap long enough for serious problems like fraud, failed product launches, ballooning debt, and lawsuits to develop in the dark.

Who benefits from eliminating quarterly reports?

Corporate executives and institutional investors with direct access to company management stand to benefit most, as do corporations who could keep information hidden longer. If companies report less frequently, insiders who can pick up the phone and call a CFO still get their information. Retail investors who rely on public filings do not. This is a gift to corporations and Wall Street insiders at the expense of the everyday investors the SEC is supposed to protect. We can try to stop this. Submit your comment to the SEC now.

Who does this proposed rule hurt?

Retail investors. This rule blindfolds anyone with a 401(k), an IRA, a brokerage account, or savings in the stock market. Less frequent reporting means fewer data points to make investment decisions, more volatility when companies eventually do disclose surprises, and a higher risk that problems like fraud or financial distress go undetected for months. 

How do I submit a comment to the SEC?

Go to bettertakeaction.org. It takes less than two minutes to submit an official public comment to the SEC. The agency is legally required to consider all public comments before finalizing any rule. The comment period closes on July 6, 2026. Every comment matters. Volume and diversity of opposition shapes the rulemaking record.

Does my comment actually make a difference?

Yes. The SEC must review and consider public comments as part of finalizing a rule. A high volume of comments opposing a rule creates a legal record that is much harder to ignore, and much easier to challenge in court if the rule is adopted and then appealed. The comment deadline is July 6, 2026. Speak out now at bettertakeaction.org.

What happens after the comment period closes?

After July 6, the SEC will review all submitted comments and may hold additional meetings before issuing a final rule. A strong public comment record in opposition gives regulators, lawmakers, and courts a clear signal that this rule lacks public support. If the rule is finalized despite widespread opposition, the comment record also strengthens any future legal challenge. That’s why volume matters: Every comment filed before July 6 is a brick in the wall.

Speak out now while there’s still time!

Last updated: June 2026