In a speech at the US-CEE Connection Weekend, U.S. Securities and Exchange Commission Commissioner Mark Uyeda argued that the next stage of growth in Central and Eastern Europe will depend more on capital markets than on bank lending. Presenting his personal views rather than those of the full SEC, he said the region remains heavily bank-funded, with household savings concentrated in cash and deposits, and that regulation should be designed to improve market quality and efficiency rather than pursue broader political or social aims. Uyeda tied that message to both regional and U.S. policy debates. He pointed to Poland’s post-Cold War market development, including growth in listed domestic companies from nine in 1992 to around 750 and market capitalization rising from about USD 4.5 billion in 1995 to more than USD 300 billion. He highlighted European efforts to channel savings into investment, including the European Commission’s Savings and Investments Union and Poland’s proposed Personal Investment Account, and noted the EU’s February directive narrowing the scope of the Corporate Sustainability Reporting Directive and Corporate Sustainability Due Diligence Directive while delaying due diligence compliance to 2029. He also referenced the SEC’s recent proposal to rescind its climate disclosure rule and said the Commission has been reviewing disclosure and registered offering rules to refocus on financial materiality, modernize capital-raising, and expand accommodations for smaller and newer companies. The speech also revisited the SEC’s historical technical assistance to Poland and other emerging democracies in the early 1990s, framing capital market development as an ongoing part of U.S.-Central and Eastern Europe economic ties.
U.S. Securities & Exchange Commission2026-06-13
U.S. Securities and Exchange Commission commissioner urges deeper capital markets in Central and Eastern Europe and a return to materiality-based disclosure
In personal remarks, SEC Commissioner Mark Uyeda said Central and Eastern Europe needs deeper capital markets, not just bank financing, to support its next phase of growth. He pointed to EU and Polish initiatives to shift savings into investment and cited the SEC’s own push to refocus disclosure on financial materiality, including its proposal to rescind the climate disclosure rule. The speech also highlighted the SEC’s early 1990s assistance in building Poland’s securities market.