In remarks to a committee meeting, the Chairman of the U.S. Securities and Exchange Commission said reviving the public offering market is one of his highest priorities and that he has instructed staff to evaluate near-term rulemaking ideas aimed at helping more companies, particularly smaller businesses, go public and remain public. He said the IPO pipeline has fallen by roughly 40 percent since the mid-1990s and that companies now often wait until after a Series E private fundraising round to list, rather than going public at a stage comparable to today’s Series B or C. He also noted that these remarks reflected his own views, not necessarily those of the SEC or the other Commissioners. The ideas he highlighted include an IPO regulatory on-ramp that would not automatically end five years after a company goes public, broader access for nearly all small public companies to Form S-3 shelf registration by addressing the current baby shelf rules, and giving issuers the option to file regulatory reports quarterly or semiannually depending on their industry, business model, and investor expectations. He said the committee’s discussion would help inform any proposals.
U.S. Securities & Exchange Commission 2026-04-28
U.S. Securities and Exchange Commission chair outlines potential IPO rule changes to help smaller companies go and stay public
The Chairman of the U.S. Securities and Exchange Commission said reviving the public offering market is a top priority and has directed staff to evaluate near-term rulemaking to help more companies, particularly smaller businesses, go public and remain public. Potential measures include extending the IPO regulatory on-ramp, expanding access for small public companies to Form S-3 shelf registration by addressing baby shelf rules, and allowing issuers to choose between quarterly or semiannual reporting. He emphasized these remarks reflect his own views and not necessarily those of the SEC or other Commissioners.