Who is on this subjectordered by the date of their first quote here
1 of 2 lane rests on fewer than 5 quotes and is marked thin. Offsets are days from the middle first-quote date, 19 Aug 2012 — a date, and nothing else. It is not a claim about who reached a view first.
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Sir Richard Dearlove
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thin
19 Aug 2012 – 19 Aug 2012
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Paul Atkins
76
The chronologysourced and dated, oldest first
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Sir Richard Dearlove
Dearlove says WikiLeaks is releasing 251,287 State Department telegrams over what will be three thousand days at current rate.
“Wikileaks is disclosing 251,287 US State Department telegrams. 251,287. Now in the past, the journalist who specializes on writing about the State had disclosed 10 State Department telegrams, it would have been a sensation.”
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Paul Atkins
Atkins notes a D.C. Circuit court vacated SEC's 75% independent director and independent chair requirement over 20 years ago.
“More than 20 years ago, the U.S. Court of Appeals for the District of Columbia Circuit vacated a rulemaking that would have mandated a board with no less than 75% independent directors and an independent chair as a condition to reliance on certain exemptive rules.”
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Paul Atkins
Atkins proposes making electronic delivery the default method for investor communications as a key pillar of his agenda.
“By proposing to permit electronic delivery (e-delivery) to become the default method for issuers, market intermediaries, and others to communicate with investors, we are taking another stride toward a regulatory framework suitable for the modern era, a key pillar of my agenda.”
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Paul Atkins
Atkins states exchange-listed companies have fallen roughly 40 percent from over 7,800 in the mid-1990s.
“In the mid‑1990s, more than 7,800 companies were listed on U.S. exchanges. That number has now fallen by roughly 40 percent.”
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Paul Atkins
Atkins proposes two exemptions for crypto offerings: $5 million over four years for startups, $75 million annually for fundraising.
“Two new exemptions from registration under the Securities Act would be created for offerings of covered investment contracts: a “startup exemption” for up to $5 million over a four-year period, and a “fundraising exemption” permitting up to $75 million during each 12-month period.”
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Paul Atkins
Atkins clarifies that exempting some crypto assets from securities laws does not exempt all crypto activities.
“That the securities laws do not apply to all crypto assets and activities, however, does not mean that the securities laws do not apply to any crypto assets or activities.”
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Paul Atkins
Atkins notes the SEC first recognized electronic delivery potential in 1995.
“Starting in 1995, the Commission recognized the potential of new technology to electronically deliver information to investors and other market participants.”
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Paul Atkins
Atkins says the key benefit of e-delivery is enabling technological advances to improve investor engagement.
“A more important consequence of the shift to default e-delivery is facilitating the incorporation of technological advances to improve investor engagement with the information being delivered.”
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Paul Atkins
Atkins describes amendments aligning SEC regulations with court vacatur of 75% independent director and chair requirements.
“bring our regulations into alignment with the Federal court’s vacatur of both the 75% requirement and the independent chair requirement.”
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Paul Atkins
Atkins hopes e-delivery will enable interactive and customized disclosures impossible with paper.
“I hope to see interactive and customized disclosures, something that is not possible with paper.”
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Paul Atkins
Atkins says a generation struggled with SEC forcing inapt rules on crypto; today's proposal offers clear enforceable framework.
“More recently, a whole generation has struggled with the SEC’s insistence, without regard for adverse effects on investors and entrepreneurs, that people apply a set of inapt rules to crypto.”
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Paul Atkins
Atkins argues default paper delivery creates unnecessary expenses that reduce American investors' returns.
“Default paper delivery results in a constant source of unnecessary expenses that are paid for by American investors and reduce their investment returns.”
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Paul Atkins
Atkins criticizes the SEC for requiring firms to design disclosures for paper first, even under the new e-delivery rule.
“The SEC still assumes and sometimes requires that firms, in the first instance, will design disclosures for viewing on paper (whether it is paper that firms mail or, now with Reg E-Delivery, paper that customers can print from home printers).”
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Paul Atkins
Atkins says public market benefits cannot be re-created privately and aims to extend them to more issuers.
“benefits that “simply cannot be re-created privately.” 1 This morning, I would like to focus on the Commission’s recent efforts to extend those benefits to a broader range of issuers”
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Paul Atkins
Atkins emphasizes efficient stewardship and minimizing costs to PCAOB-funded companies, brokers, and dealers.
“I strongly encourage applications from candidates interested in furthering the public interest through the efficient stewardship of PCAOB resources.”
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Paul Atkins
Atkins explains Regulation E-Delivery would allow electronic delivery without requiring affirmative consent from investors.
“If adopted, Regulation E-Delivery would establish requirements and conditions under which essential information could be delivered electronically to investors and others without first obtaining their affirmative consent to do so.”
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Paul Atkins
Atkins states the SEC is simplifying registration and disclosure to let more companies go public.
“Under the leadership of Chairman Atkins, the Commission is proposing and adopting rules that simplify registration and disclosure requirements and allow more companies to go public with fewer unnecessary regulatory hurdles.”
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Paul Atkins
Atkins states the SEC is simplifying registration and disclosure to let more companies go public.
“Under the leadership of Chairman Atkins, the Commission is proposing and adopting rules that simplify registration and disclosure requirements and allow more companies to go public with fewer unnecessary regulatory hurdles.”
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Paul Atkins
Atkins says the agenda includes proposals to transform the disclosure regime to revitalize IPOs.
“This agenda includes a number of proposals critical to realizing that mission by transforming our disclosure regime.”
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Paul Atkins
Atkins says the agenda includes proposals to transform the disclosure regime to revitalize IPOs.
“This agenda includes a number of proposals critical to realizing that mission by transforming our disclosure regime.”
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Paul Atkins
Atkins criticizes SEC rules requiring paper versions for inspection and filing multiple copies with the Commission.
“This paper preference shows up in requirements that registrants have paper versions ready for inspection or file multiple paper copies with the Commission.”
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Paul Atkins
Atkins says the Commission proposed allowing companies to file semiannually instead of quarterly.
“In May, the Commission proposed amendments that, if adopted, would allow public companies the option to file one semiannual report each year, in lieu of three quarterly reports.”
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Paul Atkins
Atkins lists specific SEC requirements that perpetuate paper-first thinking, including font size and same-page rules.
“Other paper-as-the-standard disclosure rules talk about font size, relative prominence, and disclosures appearing on the same page.”
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Paul Atkins
Atkins lists specific SEC requirements that perpetuate paper-first thinking, including font size and same-page rules.
“Other paper-as-the-standard disclosure rules talk about font size, relative prominence, and disclosures appearing on the same page.”
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Paul Atkins
Atkins says the Division will also stop responding to Rule 14a-8(j) notices with non-objection letters.
“It also will no longer respond to notices filed under Rule 14a-8(j) with a letter indicating that it will not object if a company omits a proposal from its proxy materials.”
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Paul Atkins
Atkins says the goal is cutting requirements that lack proportionate benefits, not cutting arbitrarily.
“The goal is not to cut for the sake of cutting but to cut requirements that do not yield proportionate benefits.”
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Paul Atkins
Atkins announces Reg E-Delivery proposal making electronic delivery the default for securities disclosures without requiring affirmative consent.
“the Commission takes a further step in recognizing these developments by proposing Regulation E-Delivery (“Reg E-Delivery”).”
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Paul Atkins
Atkins notes the Commission has long recognized no response from staff is required on shareholder proposal notices.
“Although the staff “has for many years engaged in the informal practice of expressing its enforcement position” in response to notices submitted under Rule 14a-8(j), the Commission has also long recognized that “[n]o response or other action by the Commission or its staff is required in regard to such communications.””
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Paul Atkins
Atkins describes vaults as spanning from fully automated smart contracts to discretionary human management.
“They fall along a spectrum from programmatic allocations determined solely by immutable smart contracts, to allocations at the sole discretion of another person or group of persons.”
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Paul Atkins
Atkins argues SEC rules prevent firms from using modern technologies like apps, video, and podcasts for disclosure.
“We have made it hard for firms to experiment with cellphone apps, streaming video, podcasts, virtual conference room presentations, and anything else that is not an e-delivered pdf.”
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Paul Atkins
Atkins proposes Reg E-Delivery to make electronic delivery the default for securities disclosure requirements.
“Reg E-Delivery would allow issuers, broker-dealers, investment advisers, and other market intermediaries to use electronic delivery as the default delivery method to satisfy information delivery requirements under the federal securities laws, provided that these entities have met the conditions of Reg E-Delivery.”
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“Even when a crypto asset was properly treated as a security, prospective issuers were provided no realistic way to comply with the Commission’s registration process.”
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Paul Atkins
Atkins says persons who sought to register crypto offerings were given a bureaucratic runaround with no resolution.
“Persons who sought to register their crypto offerings were often given a bureaucratic runaround with no resolution in sight.”
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Paul Atkins
Atkins explains the proposal eliminates affirmative consent requirement but preserves opt-out rights for paper delivery.
“These entities would not be required to obtain affirmative consent from investors and other recipients, but investors still would be able to opt out of default e-delivery and receive paper copies of information upon request.”
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Paul Atkins
Atkins announces the Commission proposes two registration exemptions tailored for crypto assets sold as investment contracts.
“Today, the Commission proposes new fundraising pathways tailored for the unique characteristics of crypto assets being sold as part of investment contracts.”
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Paul Atkins
Atkins notes federal securities laws do not mandate paper or mail delivery for disclosures.
“It is worth recognizing that the federal securities laws generally do not prescribe paper or mail as the required method of delivery for regulatory disclosures or reports.”
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Paul Atkins
Atkins announces startup exemption allowing crypto offerings up to $5 million over four years without registration.
“Regulation Crypto Assets would include two exemptions from registration under the Securities Act of 1933. The startup exemption would permit offerings of up to $5 million during a four-year period.”
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Paul Atkins
Atkins proposes a test: does disclosure materially change valuation or just burden small companies disproportionately.
“is a given disclosure obligation producing information to investors that materially changes the enterprise value of a company or its stock price?”
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Paul Atkins
Atkins proposes a test: does disclosure materially change valuation or just burden small companies disproportionately.
“is a given disclosure obligation producing information to investors that materially changes the enterprise value of a company or its stock price?”
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Paul Atkins
Atkins says the reform proposal would increase companies eligible for shelf registration by over 60 percent.
“The Registered Offering Reform Proposal, if adopted, would give smaller public companies access to shelf registration for the first time in decades, increasing the number of eligible companies by more than 60 percent.”
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Paul Atkins
Atkins details startup exemption allowing $5 million over four years and fundraising exemption allowing $75 million per year.
“The startup exemption would permit offerings of up to $5 million during a four-year period.”
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Paul Atkins
Atkins details second exemption permitting up to $75 million crypto offerings annually with financial disclosure requirements.
“The fundraising exemption, conditioned on the provision of financial statements and ongoing reporting requirements, would permit offerings of up to $75 million during each 12-month period.”
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“The proposed rules include two offering exemptions tailored for innovations in the crypto asset markets: a “startup exemption,” which would allow for offerings up to $5 million during a four-year period, and a “fundraising exemption” allowing for offerings of up to $75 million each year.”
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Paul Atkins
Atkins proposes two crypto offering exemptions: $5 million over four years for startups, $75 million annually for fundraising.
“a “startup exemption,” which would allow for offerings up to $5 million during a four-year period, and a “fundraising exemption” allowing for offerings of up to $75 million each year.”
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Paul Atkins
Atkins cites SEC data showing 80% of U.S. investors prefer e-delivery for non-personal documents, 63% even for personal information.
“The Office of Investor Research within the Commission’s Office of the Investor Advocate found that nearly 80% of U.S investors prefer some form of e-delivery for financial disclosure documents that do not include personal information, and also that a majority (approximately 63%) prefers some form of e-delivery even for documents that do include personal information.”
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Paul Atkins
Atkins cites SEC data showing 80% of U.S. investors prefer e-delivery for non-personal documents, 63% even for personal information.
“The Office of Investor Research within the Commission’s Office of the Investor Advocate found that nearly 80% of U.S investors prefer some form of e-delivery for financial disclosure documents that do not include personal information, and also that a majority (approximately 63%) prefers some form of e-delivery even for documents that do include personal information.”
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Paul Atkins
Atkins cites a 40 percent decline in public companies over recent decades as justification for reforming SEC disclosure rules.
“Today, the SEC must do likewise. Presented with a 40 percent decline in public companies over the past few decades, we are summoned not to create more complexity nor reinvent our mandate, but to restore it to its foundation: that is, disclosure of material information.”
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Paul Atkins
Atkins cites a 40 percent decline in public companies over recent decades as justification for reforming SEC disclosure rules.
“Today, the SEC must do likewise. Presented with a 40 percent decline in public companies over the past few decades, we are summoned not to create more complexity nor reinvent our mandate, but to restore it to its foundation: that is, disclosure of material information.”
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Paul Atkins
Atkins cites 40 percent decline in public companies over recent decades as rationale for returning to disclosure foundation.
“Presented with a 40 percent decline in public companies over the past few decades, we are summoned not to create more complexity nor reinvent our mandate, but to restore it to its foundation: that is, disclosure of material information.”
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Paul Atkins
Atkins cites 40 percent decline in public companies over recent decades as rationale for returning to disclosure foundation.
“Presented with a 40 percent decline in public companies over the past few decades, we are summoned not to create more complexity nor reinvent our mandate, but to restore it to its foundation: that is, disclosure of material information.”
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Paul Atkins
Atkins argues current $75 million threshold from the 1990s inappropriately blocks companies from shelf registration.
“Form S-3, the vehicle for shelf registration, currently requires a $75 million public float and a 12-month reporting history — thresholds set in the 1990s that today shut out companies that have earned their place in the public markets and need to raise capital on their own timelines.”
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Paul Atkins
Atkins argues paper-default delivery no longer matches majority investor preferences in the modern era.
“Delivering information via paper unless the investor affirmatively elects otherwise no longer reflects how the majority of investors prefer to receive information.”
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Paul Atkins
Atkins says corporations fail at resolving political issues because corporate governance was not designed for that purpose.
“Experience shows that when corporations are asked to resolve issues that the political system has struggled to address, the results often disappoint—not because the goals are unworthy, but because corporate governance was not designed for that purpose.”
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Paul Atkins
Atkins suggests crypto vaults may qualify as investment contracts under the Howey test.
“A vault, for example, could be a common enterprise in which users invest money with a reasonable expectation of profits to be derived from the vault deployer’s and curator’s entrepreneurial or managerial efforts.”
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Paul Atkins
Atkins argues market discipline works through cost of capital and stock price for companies with poor governance.
“Shareholders express their views through investment decisions. Companies with subpar governance structures face a higher cost of capital and a lower stock price.”
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Paul Atkins
Atkins states vaults holding securities may trigger Investment Company Act registration requirements.
“A vault that holds securities or allocates assets to investments in securities could fall into investment company territory.”
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Paul Atkins
Atkins argues climate disclosure rules exceeded statutory authority and abandoned materiality, deterring companies from going public.
“Finally, we proposed rescinding the prior Commission’s climate disclosure rules — which, I believe, exceeded the Commission’s statutory authority and abandoned the foundational principle that our disclosure rules should be rooted in materiality.”
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Paul Atkins
Atkins argues climate disclosure rules exceeded statutory authority and abandoned materiality, deterring companies from going public.
“Finally, we proposed rescinding the prior Commission’s climate disclosure rules — which, I believe, exceeded the Commission’s statutory authority and abandoned the foundational principle that our disclosure rules should be rooted in materiality.”
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Paul Atkins
Atkins proposes raising Large Accelerated Filer threshold from $700 million to $2 billion in public float.
“The proposal, if adopted, would raise the Large Accelerated Filer threshold from $700 million to $2 billion in public float, reserving the most demanding disclosure rules and reporting deadlines for the largest corporations.”
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Paul Atkins
Atkins proposes raising Large Accelerated Filer threshold from $700 million to $2 billion in public float.
“The proposal, if adopted, would raise the Large Accelerated Filer threshold from $700 million to $2 billion in public float, reserving the most demanding disclosure rules and reporting deadlines for the largest corporations.”
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Paul Atkins
Atkins emphasizes the SEC is a disclosure regulator, not a merit regulator.
“I have said it many times before, and I will say it again: the SEC is a disclosure regulator, not a merit regulator.”
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Paul Atkins
Atkins emphasizes the SEC is a disclosure regulator, not a merit regulator.
“I have said it many times before, and I will say it again: the SEC is a disclosure regulator, not a merit regulator.”
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Paul Atkins
Atkins cites one biotech spending $11 million on auditor attestation compliance since crossing $700 million threshold in 2021.
“One biotech company in particular reported spending around $11 million on that compliance obligation alone since it crossed the $700 million public float threshold in 2021, roughly the cost of running a large Phase 2 clinical trial.”
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Paul Atkins
Atkins asserts materiality has always been rooted in financial considerations under Supreme Court definition.
“Or, said another way, materiality, as defined by the Supreme Court, is and has always been a concept inherently rooted in financial considerations.”
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Paul Atkins
Atkins invites vault and lending operators to engage SEC about compliance pathways.
“You may not fall within our regulatory scope, but, if you do, we welcome the opportunity to talk with you about how to serve your customers in compliance with the federal securities laws.”
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Paul Atkins
Atkins asserts that materiality must be rooted in financial considerations and evaluation of financial returns to qualify.
“Accordingly, information must, at a minimum, facilitate an evaluation of financial returns to qualify as material.”
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Paul Atkins
Atkins emphasizes financial materiality as the cornerstone principle guiding all Division reform efforts.
“With the old paint gone, the wiring updated, and sagging floorboards replaced, what remains will be worth preserving: the cornerstone principle of financial materiality.”
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Paul Atkins
Atkins says SEC proposed rescinding climate-disclosure rule to return to financial materiality standard.
“Several weeks ago, the Commission proposed to rescind its own climate-disclosure rule and return to financial materiality as the test on what must be disclosed.”
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Paul Atkins
Atkins says SEC proposed rescinding climate-disclosure rule to return to financial materiality standard.
“Several weeks ago, the Commission proposed to rescind its own climate-disclosure rule and return to financial materiality as the test on what must be disclosed.”
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Paul Atkins
Atkins argues financial regulation should focus on market efficiency, not political and social goals.
“This is a reminder that financial regulation must focus on improving market quality and efficiency, not as a tool to achieve political and social goals in areas where legislatures and governments have failed to act.”
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Paul Atkins
Atkins worries regulatory burdens on smaller companies may dissuade them from going public.
“I particularly worry about regulatory requirements that place the heaviest burden on smaller and newer companies, which may dissuade such companies from going public at all.”
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Paul Atkins
Atkins says the SEC now provides clarity on whether digital assets are securities before investors and entrepreneurs act.
“we have delivered long-called-for certainty to digital asset issuers—so that investors and entrepreneurs today can know, before they act, whether a digital asset is considered a security and therefore subject to SEC oversight.”
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Paul Atkins
Atkins announces SEC-CFTC memorandum of understanding to align definitions and eliminate overlapping crypto oversight gaps.
“after years of fragmented oversight and overlapping authorities, the SEC and CFTC signed an historic Memorandum of Understanding between our two agencies—a framework for aligning key definitions, coordinating oversight, and replacing a regulatory no man’s land between the two agencies with new fertile ground for innovation to grow.”
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Paul Atkins
Atkins states U.S. exchange listings fell roughly 40 percent between the 1990s and his return as SEC Chair.
“Between the 1990s and when I returned to the SEC as Chairman last year, the number of companies listed on the U.S. exchanges had cratered by about 40 percent.”
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Paul Atkins
Atkins proposed rescinding climate disclosure rule, stating SEC serves all investors not political agendas.
“Building on this effort, last month we proposed to rescind the prior administration's ill-advised climate disclosure rule—re-tethering our rulebook to the simple principle that the SEC exists to serve all investors, not to advance an agenda of the politicized few or the business models of those who pander to them.”
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Paul Atkins
Atkins proposed rescinding climate disclosure rule, stating SEC serves all investors not political agendas.
“Building on this effort, last month we proposed to rescind the prior administration's ill-advised climate disclosure rule—re-tethering our rulebook to the simple principle that the SEC exists to serve all investors, not to advance an agenda of the politicized few or the business models of those who pander to them.”
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Paul Atkins
Atkins announces Trump Accounts launching July 4, allowing $5,000 annual contributions per child under 18 as a traditional IRA.
“child under 18 is eligible to open a Trump Account: a type of traditional IRA, held in the child’s name, with the parent or guardian serving as custodian until the child turns 18.”
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