In a policy speech, U.S. Securities and Exchange Commission Chairman Atkins outlined an agenda to increase the number of public companies and said the SEC is accepting comments on ways to improve IPO-related rules and remove barriers to other routes into the public markets. He linked the effort to the long decline in listed companies and argued that SEC requirements should protect investors and support capital formation without creating unnecessary frictions for issuers. The speech pulled together recent SEC actions and proposals that Atkins said support that objective. They include the Commission’s 2025 policy statement clarifying that mandatory arbitration provisions in governing documents are not inconsistent with the federal securities laws, a proposal to let issuers file one semiannual report each year instead of three quarterly reports, and two May 2026 proposals. The registered offering reform proposal would make full shelf registration available to nearly all public companies, increasing the number of eligible issuers by 60 percent, and would extend certain offering and communications flexibilities to all companies listed on a U.S. exchange, a 200 percent increase. The filer status reform proposal would broaden relief from some disclosure requirements, including auditor attestation of internal control over financial reporting, to about 81 percent of public companies and extend how long companies can remain on the IPO on-ramp. Atkins said staff are also preparing recommendations to simplify public company disclosure requirements, including executive compensation disclosure, and to modernize the IPO process itself. Areas flagged for review include the Securities Act gun-jumping rules and whether direct listings should continue to require a Securities Act registration statement after the Supreme Court’s 2023 Slack decision. The SEC said comments on IPO communication rules and other ways to remove roadblocks to going public should be submitted by July 27, 2026.
U.S. Securities & Exchange Commission2026-05-26
U.S. Securities and Exchange Commission seeks input on IPO reforms as Chairman Atkins outlines agenda to expand public listings
The U.S. Securities and Exchange Commission Chairman outlined an agenda to increase the number of public companies, inviting comments on improving IPO rules and removing barriers to public markets. He highlighted measures including clarification that mandatory arbitration provisions are consistent with federal securities laws, expanded shelf registration and offering flexibilities, and broader relief from certain disclosure requirements. Staff are preparing recommendations to simplify public company disclosure, review Securities Act gun-jumping rules, and reassess direct listing requirements following the Slack decision.