At Florida Bar Securities Conference, Acting SEC Chair Offers Insights into Possible Regulatory Changes

On February 24, 2025, Mark T. Uyeda, Acting Chair of the Securities and Exchange Commission (SEC) delivered a keynote address at the Florida Bar’s 41st Annual Federal Securities Institute and M&A Conference. His remarks focused on steps the SEC will be taking toward improving the U.S. capital markets from startup through post-IPO.

Below are the key highlights from his address:

• IPO Market: To make IPOs attractive again, the SEC staff has been asked to review the “emerging growth company” (EGC) definition and recommend changes, including as to qualification and duration of the status, and to consider how EGCs could benefit from on-ramp compliance with some existing disclosure obligations.
• Filer Category Reform: Noting that the financial thresholds for the SEC’s filer categories are outdated, having not changed since they were established in 2005, Mr. Uyeda stated that the SEC should consider whether to update those thresholds to reflect the size and makeup of today’s public companies. 
  • Mr. Uyeda urged that, after updating its financial thresholds for filer categories, the SEC should review its disclosure requirements focusing on appropriately scaling those requirements by identifying rules that should apply only to the largest companies. 
• Access to capital by startups and other early-stage companies: The SEC staff has been tasked with exploring ways to implement the recommendations of the SEC’s Office of the Advocate for Small Business Capital Formation for “targeted regulatory changes” to the SEC’s regulatory regime for exempt offerings, guided by the principle that regulations must be simple to comply with and cost-effective, yet protective of investors. 

Given the pivotal role “accredited investor” status plays in private market investments due to its favored status under the SEC’s exempt offering regime, the SEC staff has also been directed to explore regulatory changes, including changes to the accredited investor definition, to empower retail investment in private companies.

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