U.S. Securities and Exchange Commission Chair Atkins instructs staff to explore changes to exempt offerings and outlines push to scale IPO disclosure for small companies

In remarks at the U.S. Securities and Exchange Commission’s 45th Annual Small Business Forum, Chair Paul S. Atkins set out priorities to improve small business capital formation, including directing SEC staff to explore solutions to barriers that early-stage businesses face in raising capital and signalling interest in easing the path to IPOs for smaller public companies by better scaling disclosure requirements. Atkins noted the Commission last reviewed the exempt offering framework in 2020 and that it continues to function well for relatively larger offerings, but cited data that 84 percent of early-stage businesses struggled to secure capital last year. He also pointed to increased concentration in venture capital, including roughly 40 percent of venture capital dollars flowing to 10 companies in the first seven months of 2025, the share of deals below USD 5 million falling to 49 percent, and 30 firms accounting for approximately 75 percent of venture dollars raised in 2024. On IPOs, he argued for scaling disclosure by company size and maturity and suggested building on the JOBS Act “IPO on-ramp,” including allowing companies to stay on the on-ramp for a minimum number of years rather than coming off after the first year. He indicated he has instructed staff to explore early-stage capital access solutions and expressed interest in holding future Small Business Forum events in locations outside Washington, DC.