The U.S. Securities & Exchange Commission published a transcript of Chair Gary Gensler’s end-of-term video reviewing the agency’s work over the past four years, focusing on rulemaking and projects aimed at market efficiency, integrity and resiliency. Gensler highlighted the SEC’s oversight footprint, including supervision of more than 30,000 registrants, more than 3,000 examinations a year and responses to upwards of 100,000 inquiries annually, and said the agency returned more than USD 2.7 billion to harmed investors over four years. On policy outcomes, he pointed to proposals to increase transparency around short selling, stock borrowing and insider stock sales, and said the SEC comprehensively updated rules for the nearly USD 60 trillion U.S. equity market, including narrowing stock quote increments to a half-penny from a penny. He also cited shortening the settlement cycle for stocks, corporate bonds and municipal bonds to one day, reforms to lower costs and risk in the USD 28 trillion U.S. Treasury market, money market fund reforms in a USD 7 trillion sector, and updated reporting tools for the USD 30 trillion private funds sector. Corporate governance and disclosure measures referenced included rules on when corporate insiders can sell shares and compensation recovery tied to misstated financials, and disclosure rules for material cybersecurity incidents, climate-related risk and the relationship between executive compensation and financial performance, alongside rules responding to the rise of SPACs. On audit oversight, he noted efforts to “reinvigorate” the Public Company Accounting Oversight Board, including updates to half of its interim standards and rules, and negotiations intended to enable inspections and investigations of auditors of China-related companies listed in the United States, with on-the-ground inspectors in Hong Kong.
U.S. Securities & Exchange Commission 2025-01-18
U.S. Securities & Exchange Commission Chair Gary Gensler releases end-of-term video highlighting market structure, one-day settlement and disclosure reforms
The U.S. Securities & Exchange Commission, under Chair Gary Gensler, reviewed its four-year tenure, emphasizing rulemaking for market efficiency, integrity, and resiliency. Key initiatives included transparency proposals for short selling and insider stock sales, updates to U.S. equity market rules, and reforms in the Treasury and money market sectors. Gensler also highlighted corporate governance measures, audit oversight enhancements, and efforts addressing SPACs and cybersecurity disclosures.