Speaking today at the Stanford Rock Center for Corporate Governance, Securities and Exchange Commission (“SEC”) Chair Atkins recapped a number of the key achievements and rulemaking proposals, including the two significant proposals released just last week, about which we blogged (see our first post and second post), all of which are intended to encourage more companies to consider undertaking initial public offerings (“IPO”) and remaining public companies. 

The Chair noted that the SEC staff was in the process of formulating recommendations to modernize Regulation S-K disclosure requirements and to address executive compensation disclosure requirements.

He reported he had asked the staff to prepare recommendations to modernize the IPO process itself.  Chair Atkins observed that we may be “stuck” insofar as the IPO process itself and should think about alternative methods of taking a company public.  He discussed direct listings as an example of innovation.  Chair Atkins observed that, in light of the Supreme Court’s decision on tracing, it might be time to ask whether a Securities Act registration statement provides meaningful protections in the context of a direct listing or whether an Exchange Act registration statement (which contains the same disclosure) would accomplish the same objective.  He also asked whether there were other regulatory frictions in the direct listing process that the SEC or its staff might address.  In his remarks, the Chair also noted that some companies combine with SPACs as a “popular workaround to the process of becoming a public company.”

The Chair commented on “gun jumping” and the offering-related communications rules— “the Commission’s spider web of gun-jumping prohibitions and exceptions remains difficult to maneuver.”  The communications rules have not been updated in over 20 years, and the SEC has not addressed social media in even longer.  The Chair observed that he’d “like to see any rulemaking in this area include considerable reforms to these rules.”

The Chair ended his remarks by inviting comments on modernizing IPOs overall, whether that means improving the SEC’s communication or other IPO-related rules, or identifying ways that the agency can remove roadblocks to non-traditional paths to going public.  The SEC will accept written comments by July 27, 2026.  All submissions should refer to File Number CLL-16, and the file number should be included on the subject line if email is used.  Use the SEC’s submission form or send an email to rule-comments@sec.gov with “CLL-16” included in the subject line.

See the full text of the remarks: Remarks at the Stanford Rock Center for Corporate Governance.