SEC eyes reporting overhaul
The U.S. SEC is preparing a proposal to drop quarterly reporting in favor of semiannual filings — a move regulators say would reduce short‑termism — and has separately proposed clarifying that Rule 15c2‑11 applies only to equity securities, explicitly excluding crypto and many digital assets reported and proposed.
The rulemaking could be published as soon as April 2026, according to reporting that cited people familiar with the matter. (finance.yahoo.com) Regulators have already held talks with major exchanges about rule adjustments, and reporters noted a public comment period would follow the proposal — comment periods for similar SEC actions typically run at least 30 days. (money.usnews.com) The SEC posted a press release dated March 16, 2026 announcing proposed amendments to Exchange Act Rule 15c2‑11 and stating the proposing release will be published in the Federal Register with a 60‑day comment period. (sec.gov) Law‑firm coverage identifies a 76‑page proposing release and a one‑page fact sheet accompanying the Rule 15c2‑11 amendments, and notes the 2020 version of the rule prompted industry requests for exemptive relief and staff no‑action letters for many fixed‑income products. (thecorporatecounsel.net) Crypto and industry outlets reported the 15c2‑11 draft replaces the word “security” with the defined term “equity security,” a change that market participants say would remove the rule’s OTC quotation obligations from most non‑equity digital assets; the SEC’s release and multiple coverage pieces opened a 60‑day comment window. (sec.gov) Commissioner Hester Peirce issued a March 16 statement endorsing the technical clarification to Rule 15c2‑11 while criticizing the protracted process that led to the amendment. (sec.gov)
