Investors have a clear message for the SEC: don't take away our quarterly earnings reports.

The investment industry is pushing the U.S. Securities and Exchange Commission to keep the current requirement for quarterly reports from publicly listed companies, Reuters reported Tuesday. Most public comments on a proposal that would allow companies to switch to semiannual reporting—submitted by Monday's deadline—supported keeping the status quo.

The feedback highlights a familiar tension: investors want more data, not less, while corporate boardrooms would love to dial back the relentless earnings season grind.

Investors argue that their need for regular corporate disclosures to make informed decisions outweighs any benefits companies might get from lighter reporting. Right now, companies have to pay for computing and auditing their results every three months—a cost they'd like to cut.

The Investment Company Institute surveyed 14 members managing $6.1 trillion in assets and found that 91% consider quarterly reports important. Of those, 62% rated them highly important and 29% moderately important. Respondents said quarterly earnings statements and management discussions are especially valuable for evaluating a company's financial health and operating performance.

The SEC did not immediately respond to a request for comment.

SEC Eyes Semiannual Reporting

The U.S. has required quarterly financial reports since 1970, while many other countries only mandate disclosures twice a year. The SEC proposed letting public companies shift to semiannual reporting, following President Donald Trump's call for the same.

The regulator said the change could reduce compliance costs and discourage short-term decision-making. But it also warned that less frequent reporting might leave investors less informed, undermine market fairness, and weaken oversight of corporate conduct.

Pushback Against Biannual Reports

The push for semiannual reporting has faced serious resistance. In April, Sam Rines, a macro strategist at WisdomTree Asset Management, warned that companies opting for biannual reporting could face selling pressure and valuation cuts from active investment managers. He said convincing corporate boards to adopt the shift would be tough, as they must balance cost savings against the risk of negative investor perception.

Earlier that month, Reuters reported that investment firms and hedge funds, including Two Sigma Investments and D.E. Shaw, also voiced opposition, citing concerns about reduced flow of crucial financial information for investors in public companies.

On the other hand, while broadly supporting the proposal to support capital markets, JPMorgan Chase (JPM) Chief Financial Officer Jeremy Barnum said the company would still provide quarterly guidance through calls with analysts and investors.