The U.S. Securities and Exchange Commission (SEC) proposed a major change in the reporting frequency of public companies on Tuesday.

The SEC’s proposal puts an end to a 55-year-old mandatory requirement for U.S. public companies to share detailed financial results four times a year. Instead, companies could opt to file semiannual reports on a new Form 10-S, replacing the current quarterly reports on Form 10-Q.

If adopted, this change in reporting frequency would result in companies filing one semiannual report and one annual report each fiscal year, as opposed to three quarterly reports and one annual report. The amendments would let public companies choose a reporting frequency that suits them and their investors.

A public comment period is open for 60 days following the date of publication, which was May 5.

SEC Chair Paul Atkins said that the “rigidity of the SEC's rules” has prevented firms and investors from setting reporting timelines that best fit their needs.