TechFlow News: On March 12, according to the official website of the U.S. Securities and Exchange Commission (SEC), SEC Chair Paul S. Atkins delivered a speech at the annual meeting of the Investor Advisory Committee, focusing on three key topics.
First, reducing unnecessary disclosure burdens by advocating the “minimum effective dose regulation” principle—emphasizing that rules should center on materiality and be flexibly adjusted based on company size. He also proposed extending the eligibility period for the “IPO On-Ramp” provision under the JOBS Act to encourage more small and medium-sized enterprises (SMEs) to go public.
Second, opposing the SEC’s indirect intervention in corporate governance through “comply-or-explain” disclosure requirements, which he characterized as “shaming regulation” exceeding the SEC’s statutory authority; corporate governance decisions, he argued, should rest solely with shareholders and directors.
Third, expressing support for tokenization of equity securities, noting that tokenization can enhance settlement efficiency, reduce settlement risk, and eliminate intermediaries. He revealed that the SEC is considering introducing an innovation exemption mechanism to facilitate limited trading of specific tokenized securities and to accumulate experience for developing a long-term regulatory framework.
