To Whom It May Concern,I am writing as an individual retail investor to express my strong opposition to the SEC’s proposal allowing public companies to opt out of quarterly financial reporting in favor of a semi-annual schedule. While I understand the Commission's goal to reduce compliance costs and curb short-term market focus, this rule shifts an unacceptable amount of financial risk onto everyday investors who do not have institutional resources . Reducing the frequency of official financial disclosures harms retail investors in several critical ways:Creates Dangerous Information Gaps: A six-month "dark period" is simply too long in modern, hyper-fast financial markets. Waiting half a year for verified financial statements makes it incredibly difficult to track sudden changes in a company’s debt, cash flow, or inventory levels, leaving retail investors blind to operational decay until it is too late . Exacerbates the Problem of Adverse Selection: High-performing, stable companies will likely continue reporting quarterly to maintain investor confidence. The companies most incentivized to switch to a semi-annual schedule are those facing financial distress or seeking to shield poor performance from public scrutiny. This rule inadvertently creates a structural hiding place for struggling businesses . Widens the Retail vs. Institutional Gap: If official SEC disclosures dry up, institutional funds will easily bridge the gap by purchasing expensive alternative data—such as satellite imagery, private credit card tracking, and proprietary data feeds. Retail investors cannot afford these tools and will be left trading at a severe information disadvantage . Amplifies Market Volatility: Eliminating the steady cadence of quarterly updates means six months of market expectations will accumulate at once. When financial results are finally released, the earnings "surprises" will be significantly larger, triggering extreme, erratic stock price swings that punish long-term retail portfolios . Increases Insider Trading Risks: Widening the gap between public reports leaves a massive window where corporate insiders know exactly how the business is performing while the public remains in the dark. This creates a fertile environment for information leaks and unfair trading advantages before the semi-annual report is released . The current quarterly reporting framework is a cornerstone of American market integrity and transparency. Making it optional degrades the quality of public data and forces retail investors to take on unnecessary, uncompensated risks. I urge the SEC to withdraw this proposal and maintain the mandatory quarterly reporting schedule that protects all market participants equally . Thank you for your time and consideration of my comments. Sincerely, Brad Heckman Teacher, retired Missouri