SEC Chairman Atkins Outlines Vision and Priorities at SIFMA Compliance and Legal 2026 Annual Conference

In a candid fireside chat at the 2026 SIFMA Compliance and Legal Annual Conference, Securities and Exchange Commission (SEC or Commission) Chairman Paul S. Atkins provided a comprehensive overview of his approach to leading the Commission, highlighting a robust agenda focused on modernization, regulatory clarity, and transformation in a rapidly evolving financial landscape.

A New Approach: ACT — Advance, Clarify, Transform

Chairman Atkins provided additional context for the guiding framework for his tenure, encapsulated in the acronym ACT: Advance, Clarify, and Transform.[1]

• Advance. Chairman Atkins made clear that the SEC is committed to modernizing its rulebook by forging new, tailored regulations to address emerging products and market developments.
• Clarify. Recognizing the difficulties market participants face in navigating the boundaries between SEC and Commodity Futures Trading Commission (CFTC) oversight, Chairman Atkins emphasized the need for clear guidance on regulatory jurisdiction, particularly as new products blur traditional lines between securities and commodities.
• Transform. Chairman Atkins likened the current regulatory framework to an overstuffed attic, basement, and garage, in need of a thorough "spring cleaning." He stressed the importance of focusing on financial materiality and streamlining outdated or redundant rules.

Under the auspices of these pillars, Chairman Atkins outlined how the Commission intends to address several key issues. 

Strengthening SEC-CFTC Coordination

Chairman Atkins underscored the importance of the SEC’s relationship with the CFTC, recalling past efforts to improve exam collaboration through a Memorandum of Understanding (MOU) (read Katten’s summary here), describing the current era as an "incomparable time" for inter-agency cooperation, with a goal of eliminating regulatory gaps, ensuring seamless oversight, eliminating the regulatory "no-mans land” that has prevented the development of innovative offerings, and improving and streamlining swap reporting requirements to improve data quality and reliability. Chairman Atkins reiterated his call for a "minimal dose" of regulation —streamlined, reliable reporting that can be confidently used by economists and enforcement staff.

Innovation Exemption and Digital Assets

Chairman Atkins also discussed the forthcoming "innovation exemption," which would allow for limited, time-bound test runs of new products, noting that this exemption is designed to foster innovation while maintaining investor protections, and would not serve as a blanket replacement for existing rules. Chairman Atkins emphasized the importance of collaboration with the CFTC in this area and the need for an "off-ramp" for products that do not meet regulatory standards.

Providing Clarity and Predictability

While Chairman Atkins made clear that the SEC would not discard its rulebook, he also said the Commission intends to make it more predictable and understandable. He emphasized the need to adapt regulations for the 21st century while remaining open to new, more efficient approaches, including potential disintermediation.

Transforming Record Retention and Enforcement

As it relates to previous SEC enforcement actions regarding off-channel communications, Chairman Atkins criticized the SEC’s past approach, noting that the industry had made significant efforts to comply, especially during the COVID-19 pandemic, and called for a more practical, compliance-oriented regulatory posture.

Modernizing Disclosure and Delivery

Chairman Atkins also signaled that the SEC would soon address paper-delivery requirements, advocating for electronic delivery to replace outdated, costly requirements for paper prospectuses. 

Collateral Consequences and Waiver Reform

On the issue of collateral consequences and waivers, Chairman Atkins acknowledged the Commission’s history of inconsistency and stated that the SEC has now reformed its process so that waiver considerations are addressed upfront during settlements, providing greater transparency and predictability.

Additional Changes Coming 

Chairman Atkins also indicated that the Commission is working to provide additional regulatory clarity related to Reg S-P, better project management and cost reductions for Consolidated Audit Trail (CAT) reporting, and is exploring potential changes to the Investment Advisers Act of 1940 political contribution rule.