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.”
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.”
Atkins warns that regulation encrusts equity markets, requiring caution when removing rules to avoid harm.
“Because regulation encrusts the equity markets, we must be exceedingly careful to avoid doing more harm than good when we seek to break off a piece of that crust.”
Atkins says Rule 611 prioritized the SEC's assumptions over what competition and market forces could produce.
“Rule 611 prioritized the Commission’s assumptions about the way that markets and investors should interact above what could emerge from competition and market forces.”
Atkins argues sensible, clear, and enforceable rules enable builders to work and government to enforce.
“Having rules that are sensible, clear, and enforceable is key to a well-functioning society. People whose ambition is to build good things for other people can work with such rules, and government can enforce them.”
Atkins says best way to retain capital is building markets worthy of investors, not restrictions.
“The best way to keep capital at home is not to wall it in, but to build markets worthy of investors. This work is on-going in the United States as well.”