https://minutesof.com/on/disclosure/ Everyone on the record about disclosure: 42 verbatim quotes from 2 people, August 2012 to August 2012, in one chronology, each with a timestamp and a link… en Sun, 30 Aug 2026 22:32:56 +0000 https://minutesof.com/q/9844b125-3318-44db-825a-92d1a9f9724a/ https://minutesof.com/q/9844b125-3318-44db-825a-92d1a9f9724a/ “Or, said another way, materiality, as defined by the Supreme Court, is and has always been a concept inherently rooted in financial considerations.” — Paul Atkins, SEC speeches and statements disclosure https://minutesof.com/q/6083b0c7-bcb1-4046-a177-6ef2221722ee/ https://minutesof.com/q/6083b0c7-bcb1-4046-a177-6ef2221722ee/ “I have said it many times before, and I will say it again: the SEC is a disclosure regulator, not a merit regulator.” — Paul Atkins, SEC speeches and statements disclosure https://minutesof.com/q/6083b0c7-bcb1-4046-a177-6ef2221722ee/ https://minutesof.com/q/6083b0c7-bcb1-4046-a177-6ef2221722ee/ “I have said it many times before, and I will say it again: the SEC is a disclosure regulator, not a merit regulator.” — Paul Atkins, SEC speeches and statements disclosure https://minutesof.com/q/c05af49b-5422-4d49-b912-7c4e8cbf92d8/ https://minutesof.com/q/c05af49b-5422-4d49-b912-7c4e8cbf92d8/ “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.” — Paul Atkins, SEC speeches and statements disclosure https://minutesof.com/q/c05af49b-5422-4d49-b912-7c4e8cbf92d8/ https://minutesof.com/q/c05af49b-5422-4d49-b912-7c4e8cbf92d8/ “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.” — Paul Atkins, SEC speeches and statements disclosure https://minutesof.com/q/06ae7d5d-2ee0-4ac1-9938-3958ec68f214/ https://minutesof.com/q/06ae7d5d-2ee0-4ac1-9938-3958ec68f214/ “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.” — Paul Atkins, SEC speeches and statements disclosure https://minutesof.com/q/58e8e342-4b03-4a7f-b2ca-d3cf549baf46/ https://minutesof.com/q/58e8e342-4b03-4a7f-b2ca-d3cf549baf46/ “Delivering information via paper unless the investor affirmatively elects otherwise no longer reflects how the majority of investors prefer to receive information.” — Paul Atkins, SEC speeches and statements disclosure https://minutesof.com/q/16bd61aa-c1d6-458b-9dac-5a2e4f1f4004/ https://minutesof.com/q/16bd61aa-c1d6-458b-9dac-5a2e4f1f4004/ “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.” — Paul Atkins, SEC speeches and statements disclosure https://minutesof.com/q/16bd61aa-c1d6-458b-9dac-5a2e4f1f4004/ https://minutesof.com/q/16bd61aa-c1d6-458b-9dac-5a2e4f1f4004/ “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.” — Paul Atkins, SEC speeches and statements disclosure https://minutesof.com/q/fd4bd9bc-26b9-4321-b7a2-1e5ae01a064b/ https://minutesof.com/q/fd4bd9bc-26b9-4321-b7a2-1e5ae01a064b/ “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.” — Paul Atkins, SEC speeches and statements disclosure https://minutesof.com/q/fd4bd9bc-26b9-4321-b7a2-1e5ae01a064b/ https://minutesof.com/q/fd4bd9bc-26b9-4321-b7a2-1e5ae01a064b/ “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.” — Paul Atkins, SEC speeches and statements disclosure https://minutesof.com/q/64f73752-44e5-4a6c-8371-3bbeb12dd72a/ https://minutesof.com/q/64f73752-44e5-4a6c-8371-3bbeb12dd72a/ “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.” — Paul Atkins, SEC speeches and statements disclosure https://minutesof.com/q/05b6b439-c2f0-4782-8c3d-1f7b6ac8490d/ https://minutesof.com/q/05b6b439-c2f0-4782-8c3d-1f7b6ac8490d/ “The startup exemption would permit offerings of up to $5 million during a four-year period.” — Paul Atkins, SEC speeches and statements disclosure https://minutesof.com/q/3f84b0ae-5b80-43e0-96a9-cef1da217814/ https://minutesof.com/q/3f84b0ae-5b80-43e0-96a9-cef1da217814/ “is a given disclosure obligation producing information to investors that materially changes the enterprise value of a company or its stock price?” — Paul Atkins, SEC speeches and statements disclosure https://minutesof.com/q/3f84b0ae-5b80-43e0-96a9-cef1da217814/ https://minutesof.com/q/3f84b0ae-5b80-43e0-96a9-cef1da217814/ “is a given disclosure obligation producing information to investors that materially changes the enterprise value of a company or its stock price?” — Paul Atkins, SEC speeches and statements disclosure https://minutesof.com/q/428d7584-d786-4c5d-9af6-2b2f403adb36/ https://minutesof.com/q/428d7584-d786-4c5d-9af6-2b2f403adb36/ “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.” — Paul Atkins, SEC speeches and statements disclosure https://minutesof.com/q/f5f462bb-060e-46c3-aea1-84d9f1c88dac/ https://minutesof.com/q/f5f462bb-060e-46c3-aea1-84d9f1c88dac/ “Today, the Commission proposes new fundraising pathways tailored for the unique characteristics of crypto assets being sold as part of investment contracts.” — Paul Atkins, SEC speeches and statements disclosure https://minutesof.com/q/d2a5e10a-6582-4a4a-b7c2-e3dbd8f0961e/ https://minutesof.com/q/d2a5e10a-6582-4a4a-b7c2-e3dbd8f0961e/ “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.” — Paul Atkins, SEC speeches and statements disclosure https://minutesof.com/q/bce53aeb-abec-4123-a172-3826cb30f884/ https://minutesof.com/q/bce53aeb-abec-4123-a172-3826cb30f884/ “Persons who sought to register their crypto offerings were often given a bureaucratic runaround with no resolution in sight.” — Paul Atkins, SEC speeches and statements disclosure https://minutesof.com/q/da14e90d-5846-49a4-b3ca-80093f6e602c/ https://minutesof.com/q/da14e90d-5846-49a4-b3ca-80093f6e602c/ “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.” — Paul Atkins, SEC speeches and statements disclosure https://minutesof.com/q/5247a50e-c245-4478-b7dd-79467a7c05d2/ https://minutesof.com/q/5247a50e-c245-4478-b7dd-79467a7c05d2/ “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.” — Paul Atkins, SEC speeches and statements disclosure https://minutesof.com/q/cff348b0-4134-4dc2-b457-e928236fd9e6/ https://minutesof.com/q/cff348b0-4134-4dc2-b457-e928236fd9e6/ “the Commission takes a further step in recognizing these developments by proposing Regulation E-Delivery (“Reg E-Delivery”).” — Paul Atkins, SEC speeches and statements disclosure https://minutesof.com/q/9c383784-cb33-4e7b-86f0-caedc67a55ad/ https://minutesof.com/q/9c383784-cb33-4e7b-86f0-caedc67a55ad/ “The goal is not to cut for the sake of cutting but to cut requirements that do not yield proportionate benefits.” — Paul Atkins, SEC speeches and statements disclosure https://minutesof.com/q/3eb74eb9-244c-447b-9935-59492ae52f41/ https://minutesof.com/q/3eb74eb9-244c-447b-9935-59492ae52f41/ “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.” — Paul Atkins, SEC speeches and statements disclosure https://minutesof.com/q/f8a7341a-8eba-48a6-b34c-e0688e1fcdb8/ https://minutesof.com/q/f8a7341a-8eba-48a6-b34c-e0688e1fcdb8/ “Other paper-as-the-standard disclosure rules talk about font size, relative prominence, and disclosures appearing on the same page.” — Paul Atkins, SEC speeches and statements disclosure https://minutesof.com/q/f8a7341a-8eba-48a6-b34c-e0688e1fcdb8/ https://minutesof.com/q/f8a7341a-8eba-48a6-b34c-e0688e1fcdb8/ “Other paper-as-the-standard disclosure rules talk about font size, relative prominence, and disclosures appearing on the same page.” — Paul Atkins, SEC speeches and statements disclosure https://minutesof.com/q/b4c259ad-474b-4b7c-8520-cc40ce13a385/ https://minutesof.com/q/b4c259ad-474b-4b7c-8520-cc40ce13a385/ “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.” — Paul Atkins, SEC speeches and statements disclosure https://minutesof.com/q/a4a98aa6-99cf-466f-82d1-50e3fbeb5098/ https://minutesof.com/q/a4a98aa6-99cf-466f-82d1-50e3fbeb5098/ “This agenda includes a number of proposals critical to realizing that mission by transforming our disclosure regime.” — Paul Atkins, SEC speeches and statements disclosure https://minutesof.com/q/a4a98aa6-99cf-466f-82d1-50e3fbeb5098/ https://minutesof.com/q/a4a98aa6-99cf-466f-82d1-50e3fbeb5098/ “This agenda includes a number of proposals critical to realizing that mission by transforming our disclosure regime.” — Paul Atkins, SEC speeches and statements disclosure https://minutesof.com/q/ec445da3-71a3-4e77-af11-f524b8ac6f1d/ https://minutesof.com/q/ec445da3-71a3-4e77-af11-f524b8ac6f1d/ “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.” — Paul Atkins, SEC speeches and statements disclosure https://minutesof.com/q/ec445da3-71a3-4e77-af11-f524b8ac6f1d/ https://minutesof.com/q/ec445da3-71a3-4e77-af11-f524b8ac6f1d/ “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.” — Paul Atkins, SEC speeches and statements disclosure https://minutesof.com/q/06e78ef4-92e0-42a1-9311-81d27a53b575/ https://minutesof.com/q/06e78ef4-92e0-42a1-9311-81d27a53b575/ “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.” — Paul Atkins, SEC speeches and statements disclosure https://minutesof.com/q/16789579-5d25-4c6c-bf3e-d250f056491d/ https://minutesof.com/q/16789579-5d25-4c6c-bf3e-d250f056491d/ “I strongly encourage applications from candidates interested in furthering the public interest through the efficient stewardship of PCAOB resources.” — Paul Atkins, SEC speeches and statements disclosure https://minutesof.com/q/86ee8ea9-ecc0-413a-9adf-00eb7f1c912d/ https://minutesof.com/q/86ee8ea9-ecc0-413a-9adf-00eb7f1c912d/ “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” — Paul Atkins, SEC speeches and statements disclosure https://minutesof.com/q/a30e8109-cdcd-4234-9323-4ea6b9a52e33/ https://minutesof.com/q/a30e8109-cdcd-4234-9323-4ea6b9a52e33/ “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).” — Paul Atkins, SEC speeches and statements disclosure https://minutesof.com/q/dcbf38d1-498b-4238-a8c6-cafbec4c0b65/ https://minutesof.com/q/dcbf38d1-498b-4238-a8c6-cafbec4c0b65/ “Default paper delivery results in a constant source of unnecessary expenses that are paid for by American investors and reduce their investment returns.” — Paul Atkins, SEC speeches and statements disclosure https://minutesof.com/q/6e2f849f-1f38-43d1-9159-811289ef5bb7/ https://minutesof.com/q/6e2f849f-1f38-43d1-9159-811289ef5bb7/ “I hope to see interactive and customized disclosures, something that is not possible with paper.” — Paul Atkins, SEC speeches and statements disclosure https://minutesof.com/q/71fe1f5e-a2d0-4a77-a9a4-c1cd25d9a77f/ https://minutesof.com/q/71fe1f5e-a2d0-4a77-a9a4-c1cd25d9a77f/ “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.” — Paul Atkins, SEC speeches and statements disclosure https://minutesof.com/q/3ce9ff4d-7724-4de5-9d72-c3c37dbd999b/ https://minutesof.com/q/3ce9ff4d-7724-4de5-9d72-c3c37dbd999b/ “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.” — Paul Atkins, SEC speeches and statements disclosure https://minutesof.com/q/fecb5e04-7a9c-40b9-a420-a72b500875f3/ https://minutesof.com/q/fecb5e04-7a9c-40b9-a420-a72b500875f3/ “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.” — Paul Atkins, SEC speeches and statements disclosure https://minutesof.com/q/64194078-d452-41d3-b1bb-67648b7dc674/ https://minutesof.com/q/64194078-d452-41d3-b1bb-67648b7dc674/ “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.” — Paul Atkins, SEC speeches and statements disclosure https://minutesof.com/q/e8b48fc3-f1c5-4c00-b0f4-e6a22c91d155/ https://minutesof.com/q/e8b48fc3-f1c5-4c00-b0f4-e6a22c91d155/ “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.” — Sir Richard Dearlove, Cambridge Union Sun, 19 Aug 2012 23:29:16 +0000 disclosure