SEC Chair Paul Atkins’ Regulatory Changes

U.S. Securities and Exchange Commission (SEC) Chair Paul Atkins has pledged to scale back financial regulation, including fast-tracking President Donald Trump’s proposal to end quarterly corporate reporting.

Writing in the Financial Times, Atkins argued that government oversight should deliver only the “minimum effective dose” needed to protect investors while giving businesses more freedom to grow.

> 吴说获悉，据金融时报，美国证券交易委员会（SEC）主席 Paul Atkins 表示，政府应提供最低有效剂量的监管，并承诺将加快推进特朗普提出的废除公司季度财报制度。目前 SEC 要求上市公司每 90 天披露财务报表。https://t.co/PqIBKB7pyZ
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> — 吴说区块链 (@wublockchain12) September 29, 2025

This move signals a departure from the regulatory path set under former chair Gary Gensler, who focused on aggressive enforcement and broader disclosure mandates. In contrast, Chair Atkins positions the SEC as a pro-market regulator promising fewer restrictions and less frequent reporting for publicly traded companies.

Push to Scrap Quarterly Reports

Public companies in the U.S. currently must file financial statements every 90 days. Trump and allies argue that this system fosters “short-termism,” compelling executives to prioritize quarterly results over long-term strategies. Atkins agrees, stating that markets should dictate the best reporting frequency based on industry, size, and investor expectations. If adopted, this could lead to a semi-annual reporting model similar to the U.K., which eliminated mandatory quarterly reports in 2014.

He noted that many British firms still opt to report quarterly, suggesting flexibility does not inherently reduce transparency. However, investor advocates warn that rolling back this rule may undermine capital market efficiency, arguing that quarterly filings are vital for protecting smaller investors by ensuring accountability and minimizing information gaps between insiders and the public.

Regulatory Reset Under Trump

Atkins’ stance reflects the Trump administration’s broader initiative to weaken financial regulations and exert more control over independent agencies. The SEC has already moved away from defending a Biden-era rule requiring companies to disclose climate risks, a cornerstone initiative under Gensler that faced legal challenges. Atkins criticized Europe’s new sustainability directives, claiming they focus on “political fads” rather than material financial information and impose unnecessary costs on investors and businesses.

These remarks indicate a shift away from progressive regulation towards a narrower focus on investor returns. This more lenient approach applies to digital assets as well; unlike Gensler, who pursued enforcement actions against crypto firms, Atkins has shown a willingness to engage with the sector. Observers note this represents one of the most significant course corrections for the SEC in recent decades.

Debate Over Market Impact

Supporters of the regulatory changes argue that reducing burdens will attract more listings to U.S. markets, allowing firms to prioritize long-term investments over quarterly performances. They claim lighter reporting could enhance the U.S.’s global competitiveness, especially as Europe continues to expand its compliance obligations. Critics caution that less frequent reporting may harm transparency, reducing trust among retail investors and potentially widening the gap between insiders and ordinary shareholders, resulting in new risks within capital markets that depend on consistent disclosures. The debate remains unresolved; while Chair Atkins is dedicated to advancing Trump’s agenda, he must address industry demands for flexibility alongside investors’ needs for accountability. The future of semi-annual reporting will hinge on the SEC’s willingness to promote deregulation without provoking backlash from Congress, investors, and the public.

Outlook for U.S. Companies

For corporate America, the potential for lighter regulation could redefine the cadence of financial disclosures, allowing companies to concentrate on long-term strategy rather than quarterly objectives. Still, there is pressure to maintain investor trust through voluntary reporting. If Atkins realizes his commitment, the SEC’s approach might reshape how U.S. markets regulate.

This transition signifies not merely a policy shift but a philosophical reset: transforming regulation from guardrails to minimal guidance. Whether this balance fortifies or weakens the market is a crucial question that will shape U.S. financial policy beyond Trump’s tenure.