The Wall Street Journal exclusively reported that, according to internal sources, the U.S. Securities and Exchange Commission (SEC) is developing major reforms, planning to unveil a proposal as early as next month. The core content of the proposal is to abolish the current mandatory rule requiring publicly traded companies to release quarterly financial reports, and instead implement a semi-annual financial reporting system. It is reported that the SEC has held in-depth consultations with major stock exchanges on this proposal, aiming to comprehensively evaluate and discuss possible rule adjustments and improvements. After the proposal is made public, it will enter a 30-day public comment period to widely solicit opinions from all market participants, before the SEC conducts a final vote. It is worth noting that this proposal does not completely abandon quarterly reports, but rather turns the mandatory requirement into an optional choice. Looking back, in September last year, the Long-Term Stock Exchange (LTSE) submitted a proposal to the SEC to eliminate quarterly performance reports, and quickly won strong support from U.S. President Trump and SEC Chairman Paul Atkins. In fact, the quarterly reporting system for U.S. publicly traded companies has lasted for more than half a century, and quarterly performance releases have become a market practice. During his first presidential term, Trump also briefly discussed the possibility of adjusting the reporting frequency to once every six months, but the proposal ultimately failed to be implemented. © 2021 Meishun (Hong Kong) Management Consulting Co., Ltd. and Meishun (Hangzhou) Management Consulting Co., Ltd. All rights reserved. Meishun Meiyin (Hangzhou) Consulting and Management Co., Ltd. is the domestic subsidiary of Hong Kong Meishun Management Consulting Co., Ltd. under the same ultimate controlling shareholder. Both companies share the same ultimate controlling owner, operate under the One China principle, and comply with the laws of Hong Kong and the Mainland of the People's Republic of China.