DFIN Poised to Guide Public Companies Through SEC's New Reporting Framework

DFIN's Role in Evolving SEC Reporting Framework

On May 6, 2026, Donnelley Financial Solutions, Inc. (NYSE: DFIN) announced its commitment to support public companies as they adapt to the Securities and Exchange Commission's (SEC) proposed changes regarding reporting frequency. The SEC's new guidelines allow eligible public companies to opt for semiannual reports using Form 10-S, replacing the traditional quarterly reporting on Form 10-Q.

The initiative reflects a broader goal: to alleviate the cost and complexity associated with being a public entity while ensuring transparency and retaining investor confidence in capital markets. Craig Clay, President of Global Capital Markets at DFIN, emphasized that any efforts to modernize public company reporting should focus on the balance between reducing burdens for issuers and bolstering investor trust. He stated, "The need for accurate, timely, well-controlled, and decision-grade disclosure does not go away."

The SEC's proposal presents an opportunity for eligible companies to determine which reporting frequency best serves their operational needs and those of their investors. As the SEC reviews public feedback on its proposed rule, several implementation questions arise: How much disclosure will be necessary for semiannual filings? What are the tagging requirements for XBRL (eXtensible Business Reporting Language)? How will quarterly earnings reports be handled?

The adaptability in reporting frequency suggested by the SEC holds potential benefits for the Initial Public Offering (IPO) market and overall capital formation. Recent indications from SEC leadership reveal an increasing focus not only on the costs incurred during the IPO process but also on the ongoing expenses associated with public listing.

DFIN anticipates that while some companies may choose the semiannual reporting route, many will continue to disclose quarterly information. This decision could stem from investor expectations or capital market requirements. Historical trends from Europe indicate that the option for semiannual reporting has not led to a complete abandonment of quarterly reporting practices among numerous companies.

Firmly positioned to support clients regardless of their chosen reporting method, DFIN has robust infrastructure in place, primarily through its cloud-based financial disclosure platform, ActiveDisclosure. Most Form 10-Q filings by DFIN clients leverage the capabilities of ActiveDisclosure, which operates on an annual Software as a Service (SaaS) subscription model. This setup facilitates flexibility for clients and maintains a comprehensive, auditable document repository for regular and ad-hoc disclosures.

ActiveDisclosure is designed to assist companies in mastering the complexities brought about by regulatory changes. As firms weigh the merits of continuing quarterly reporting versus transitioning to semiannual reporting, they will need a platform that ensures consistency, collaboration, and compliance across various disclosures. ActiveDisclosure encompasses SEC, Environmental, Social, and Governance (ESG) reporting, and additional new regulatory requirements.

Clay further explained how regulatory changes create both uncertainty and opportunities for modernization in managing disclosure processes. "Our role at DFIN is to provide support to companies navigating these changes, regardless of how the final regulations unfold — quarterly, semiannually, or a hybrid model."

With ongoing engagement at the forefront of DFIN's strategy, the company will closely monitor the SEC's rulemaking process and proactively assist clients in evaluating the implications that any final ruling may hold for operational efficiency, governance frameworks, and disclosure tactics.

In concluding remarks, Clay stated, "This discussion extends beyond filing frequencies. It encompasses the evolution of public company disclosure practices and the underlying conditions that fortify resilient US capital markets. DFIN is dedicated to aiding companies in minimizing friction, adhering to rigorous standards, and establishing confidence among investors as market dynamics continue to shift."

DFIN stands as a prominent provider of compliance and regulatory software, addressing the comprehensive regulatory needs of investment companies, facilitating complex capital transactions, and ensuring quality financial reporting at various lifecycle stages. As corporations look toward the future, DFIN remains committed to empowering its clients, enhancing operational workflows, and leading the way in effective public company reporting.

For further details about DFIN and their services, visit DFINsolutions.com.