In a New York Stock Exchange speech, U.S. Securities and Exchange Commission (SEC) Chairman Paul S. Atkins set out priorities to reduce what he described as regulatory creep and to make public listings more attractive, centered on reforming SEC disclosure rules and other changes intended to support initial public offerings (IPOs). He framed the approach as re-anchoring disclosure in financial materiality and tailoring requirements to a company’s size and maturity, noting that his remarks reflected his views as Chairman and not necessarily those of the SEC or other Commissioners. Atkins pointed to a roughly 40% decline in the number of companies listed on U.S. exchanges since the mid-1990s and argued that extensive disclosure obligations have increased costs and reduced usefulness for investors. He called for disclosure requirements to follow an objective materiality standard and for stronger scaling for smaller and newly public companies, including revisiting the thresholds that distinguish “large” from “small” companies, last comprehensively reformed in 2005, and highlighted that a company with a public float as low as USD 250 million can face the same disclosure requirements as a company one hundred times its size. He also cited an SEC roundtable held earlier this year on executive compensation disclosure, where panelists broadly agreed that current disclosures have become too long and complex, and described two additional pillars of his plan: refocusing shareholder meetings on director elections and significant corporate matters, and reforming the securities litigation landscape to curb frivolous suits while preserving meritorious claims. He said the SEC will pursue the reforms discussed, and others, in the coming months, working with Congress and the Administration and engaging market participants and investors, and indicated that the agency expects to share progress “soon.”
U.S. Securities & Exchange Commission 2025-12-02
U.S. Securities and Exchange Commission chair outlines disclosure and IPO reform agenda focused on financial materiality and scaled reporting
SEC Chairman Paul S. Atkins, in a NYSE speech, prioritized reducing regulatory burdens and enhancing public listings by reforming disclosure rules. He emphasized focusing on financial materiality and tailoring requirements to company size and maturity, noting a 40% decline in U.S. listed companies since the mid-1990s. Atkins also proposed revisiting company size classifications and reforming securities litigation to curb frivolous suits.