SEC Keeps Quarterly Filings Rolling: Comment by July, Folks
Published Date: 5/14/2025
Notice
Summary
The SEC wants to keep using Form 10-Q, which companies file every quarter to share important financial info with investors. About 6,473 companies spend lots of time and money preparing these reports, and the SEC is asking for feedback on how to make this process better and less costly. Comments are open until July 14, 2025, so now’s the time to speak up!
Analyzed Economic Effects
3 provisions identified: 0 benefits, 3 costs, 0 mixed.
SEC Seeks Extension to Keep Form 10-Q
The SEC plans to seek OMB approval to continue requiring issuers to file Form 10-Q each quarter to meet Section 13 or 15(d) reporting obligations. This maintains the existing quarterly reporting requirement (filed three times per year) for about 6,473 issuers.
Large Time Burden for Issuer Staff
Preparing each Form 10-Q is estimated to take about 180.18 hours per response, with 75% (135.135 hours) prepared by the issuer. With 19,419 filings per year, the issuer-prepared annual reporting burden is estimated at 2,624,187 hours.
High Outside Professional Costs Estimated
SEC estimates 25% of Form 10-Q preparation (45.045 hours per response) is done by outside professionals at $600 per hour, producing an estimated total annual outside-professional cost burden of $524,837,313 for 19,419 filings.
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