U.S. Securities and Exchange Commission

🚨 SEC and NFA Announce Memorandum of Understanding to Further Harmonize Regulatory Coordination Read more: sec.gov/newsroom/press…

Exchange-traded funds have been—and remain—a major driver of innovation in the securities markets. ETFs have contributed to increased capital formation and investor choice, reflected in part by the tripling of ETF assets since 2019. Novel products raise novel questions, and I appreciate the willingness fund sponsors have shown in delaying the effectiveness of a number of novel ETFs, including event contract ETFs, while we consider the implications. To ensure we do this in a transparent and thoughtful manner, I have instructed the staff to seek input from the public on how the Commission should respond to recent market changes.

Public markets are the anchor of American capital formation. Today’s proposed rulemakings (along with our recent rule proposal on semiannual reporting) mark significant steps toward transforming our rulebook for public companies so more Americans can invest in our economy.

These 2 rulemakings serve as the foundation for my agenda to Make IPOs Great Again, aiming to transform our regulatory framework for public companies. 🇺🇸 Incentivizing more companies to go and stay public ultimately serves to protect and benefit millions of American investors.

TODAY 🚨: The SEC proposes transformative reforms to help public companies conduct registered offerings & simplify reporting requirements. These reforms are designed to increase efficiency, flexibility, & cost savings for public companies. Full release: ow.ly/ybHs50Z1HlU

Investor.gov’s resources for military personnel can help service members and their families learn how to save and invest for the future.    investor.gov/additional-res…   #MilitaryAppreciationMonth

Congratulations to Chairman @SenatorTimScott and @BankingGOP for advancing the Clarity Act with bipartisan support. I look forward to President @realDonaldTrump's signature & working with @ChairmanSelig to implement this legislation.

“We can’t sit still and assume that what was developed 50 years ago, 80 years ago, still holds true today.” Check out our latest episode to hear from SEC leaders on semiannual reporting, capital formation, disclosure reform, and more. Spotify: open.spotify.com/show/3ENjj9C7a… Apple: podcasts.apple.com/ca/podcast/mat… YouTube: youtube.com/playlist?list=…

Want to learn more about saving and investing? Check out the Investor.gov Roadmap 🛣 to Saving 💰 and Investing 📈. It can help you get started and make sure you’re on the right path. investor.gov/introduction-i…

🚨 New episode of Material Matters with Chairman @SECPaulSAtkins out now! SEC Director of the Division of Corporation Finance, Jim Moloney, joined Chairman Atkins to discuss disclosure reform and modernizing SEC rules for today’s markets. Listen wherever you get your podcasts. sec.gov/newsroom/podca…

For week 2 of our Freedom 250 campaign, we’re highlighting another transformational milestone in the history of our capital markets: the invention of the stock ticker. A quick history lesson below ⬇️📚 Before stock tickers, brokers relied on messengers running handwritten slips of paper between exchanges and brokerage offices. In 1867, Edward Calahan created a system of telegraphy that converted stock-price signals into stamped codes on ticker tape, significantly speeding up the transfer of information. This new invention brought heightened accuracy and efficiency to a previously slow and more vulnerable stock trading system. After the technology was adopted by the New York Stock Exchange, the stock ticker quickly became the new operating standard for market participants as the first real-time electronic information network in the United States. It expanded access to price data and inspired new financial strategies. New ideas and developing technology are key to facilitating market growth and capital formation in an ever-evolving economy. Throughout its history, the SEC has worked to embrace and encourage innovation—not ignore or stifle it—to ensure our financial markets remain the deepest and most liquid in the world. Here’s to 250 more years of brilliant ideas and American prosperity! 🇺🇸 @Freedom250

At the AI+ Expo, @SECGov Chairman @SECPaulSAtkins addressed the common fear that artificial intelligence represents an "unprecedented rupture" in history. His perspective, grounded in the history of U.S. financial markets, offers a much more measured approach. As Chairman Atkins pointed out, AI is part of a long line of "mind-aiding instruments" that have transformed the global economy, from the telegraph to the electronic order book. While the pace of this innovation is undeniably new, the process of integrating it into our capital markets is a familiar challenge. Instead of demanding wholly new systems of safeguards, he argues that the path to continued American leadership relies on understanding the technology and making "careful adjustment and recalibration" to maintain investor trust. #sec #AIExpoDC

Chairman @SECPaulSAtkins at today’s @scsp_ai’s #AIExpoDC ⬇️⬇️ “The SEC will keep moving forward in its work to accommodate markets moving onchain. But as we do, I continue to echo my call for Congress to send the CLARITY Act to President Trump’s desk.”   sec.gov/newsroom/speec…

Today, the Division of Trading and Markets granted no-action relief to facilitate the rollout of Trump Accounts while ensuring critical investor protections remain in place. Trump Accounts present a historic opportunity to change the course of the lives of the next generation by helping Americans save and invest for the future. I look forward to continuing to advance this important priority of President @realDonaldTrump and supporting @SecScottBessent and my colleagues across the administration to help our next generation build wealth and access the American Dream. 🇺🇸

Today, the @SECGov proposed amendments to provide public companies with the option of filing one semiannual report, on a new Form 10-S, in lieu of three quarterly reports on Form 10-Q. Here's why it matters. ⬇️ Public companies have an obligation under the federal securities laws to provide information that is material to investors. Yet, the rigidity of the SEC’s rules has prevented companies and their investors from determining for themselves the interim reporting frequency that best serves their business needs and investors. Today’s proposed amendments, if ultimately adopted, would provide companies with increased regulatory flexibility in this regard. In determining a company’s reporting cadence, a company might consider factors such as the costs and management time of preparing quarterly reports versus semiannual reports, expectations of its investors, potential effects on its cost of capital, the stage of its business development, the nature of its business model, other avenues of disclosure including earnings calls[2] and current reports on Form 8-K, and prospects of increased research coverage, all without undermining fundamental investor protections. Ultimately, this flexibility might reduce some of the burdens of being a public company and potentially influence a company’s decision to become or remain public. The proposal seeks public input on the optional semiannual reporting framework, and I look forward to the public feedback. Of course, the frequency of regulatory reporting is only part of the equation for incentivizing companies to go and stay public. Another significant part is ensuring that the disclosure—both financial and non-financial—mandated in interim reports, whether filed quarterly or semiannually, is guided by materiality as the north star. At the SEC, the Commission staff is well underway in exploring potential amendments to Regulation S-K,[3] generally and including the parts implicated by interim reports.[4] With respect to the financial statements required in interim reports, I also encourage the Financial Accounting Standards Board to evaluate potential amendments to its accounting standards, with the same goal of eliciting disclosure of material information and avoid compelling the disclosure of immaterial information. Today’s proposal is just the first step of the larger, comprehensive effort to review and reshape the current SEC rules governing public companies with respect to their ongoing reporting obligations and their ability to raise capital in the public markets. Over the next few months, I expect that the Commission will be considering a series of proposals that, if adopted, will not only redefine what it means to be a public company, but will make being public attractive again.

TODAY 🚨: The SEC proposed rule and form amendments that would give public companies the option of filing semiannual reports in lieu of quarterly reports to meet their interim reporting obligations under the federal securities laws. Read the full release: ow.ly/g7RI50YV78L

Chairman @SECPaulSAtkins: "It's often said that the American capital markets are the envy of the world. And they are." 🇺🇸

We must focus on giving innovators, especially in digital asset markets, the ability to innovate at home under U.S. laws for the benefit of the U.S. economy and U.S. investors. Through our harmonization efforts with the @CFTC, we're delivering long overdue clarity in this space.

Today, the SEC’s Divisions of Investment Management and Corporation Finance released staff statements providing guidance on pooled employer plans.   Read the staff statements below ⬇️ From the Division of Investment Management: sec.gov/newsroom/speec… From the Division of Corporation Finance: #118.01" target="_blank" rel="nofollow noopener">sec.gov/rules-regulati…

Chairman @SECPaulSAtkins at the @MilkenInstitute's Global Conference 2026: "We're focusing on economic materiality for disclosure and the minimum effective dose of regulation that's needed for investor protection and to keep our markets going."