Dec. 2 (UPI) -- The chair of the Securities and Exchange Commission Paul Atkins spoke at the New York Stock Exchange Tuesday, discussing how he will work to lighten public disclosure requirements and help bring smaller, newer companies to the trading floor.
"One of my priorities as Chairman is to reform the SEC's disclosure rules with two goals in mind," Atkins said, as reported in a transcript. "First, the SEC must root its disclosure requirements in the concept of financial materiality. Second, these requirements must scale with a company's size and maturity."
Changing shareholder meetings and tort reform were the other goals he outlined in his plan to "make IPOs great again."
"A second pillar involves de-politicizing shareholder meetings and returning their focus to voting on director elections and significant corporate matters," Atkins said. "Finally, we must also reform the litigation landscape for securities lawsuits to eliminate frivolous complaints, while maintaining an avenue for shareholders to continue to bring forth meritorious claims."
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