SEC Chairman Paul S. Atkins Issues Statement on Reforming Regulation S-K

Regulation S-K is a core SEC rule (found in 17 C.F.R. Part 229) that tells public companies what non-financial information they must include in filings like annual reports (Form 10‑K), quarterly reports (Form 10‑Q), and registration statements. It covers narrative disclosures about the business and its risks, including items such as: a description of the business and properties; risk factors; management’s discussion and analysis (MD&A) of financial condition and results; information on executive compensation; security ownership of certain shareholders and management; related‑party (insider) transactions; and other qualitative information that investors use alongside the financial statements.

Public access to the full text of Chairman Atkins’s January 13, 2026 “Statement on Reforming Regulation S‑K” is currently blocked by technical limits (rate‑limiting on SEC.gov and a CAPTCHA wall on the mirrored PublicNow site), so only brief search snippets are visible. Those snippets show that he criticizes Regulation S‑K for producing “both material and a plethora of undisputably immaterial information” and notes that the S‑K requirements have grown dramatically since 1982, suggesting they need to be streamlined and refocused on what a reasonable investor finds important. However, without the full statement, any more detailed description of specific reform proposals (for example, exactly which disclosure items he would change or remove) is not verifiable from accessible sources.

To change Regulation S‑K, the SEC generally must follow the federal rulemaking process under the Administrative Procedure Act:

1. The Commission (by majority vote) authorizes a rulemaking and issues a proposing release describing the changes it is considering.
2. The proposal is published in the Federal Register, and the public is invited to submit written comments during a set “comment period” (often 30–60 days, sometimes longer or reopened).
3. SEC staff review and analyze the comments and may recommend revisions.
4. The Commission votes on a final rule. If adopted, the final rule and its effective date are published in the Federal Register, sometimes with transition periods before companies must comply. The exact timeline for any particular Regulation S‑K reform (including those discussed by Chairman Atkins in January 2026) is not set in advance and depends on when the SEC proposes rules, how many comments it receives, and how quickly it can act on them.

Paul S. Atkins is an American lawyer and former SEC commissioner who, according to current SEC and biographical records, became the 34th Chair of the U.S. Securities and Exchange Commission on April 21, 2025, after Senate confirmation of his nomination by President Donald J. Trump. As of the date of the January 13, 2026 statement, his listed role at the SEC is “Chairman,” meaning he leads the five‑member Commission and sets its regulatory agenda, including initiatives such as potential reforms to Regulation S‑K.

In general, changes to Regulation S‑K can significantly affect both public companies and investors: • For public companies: Streamlining or eliminating immaterial disclosure requirements can reduce compliance costs and the length/complexity of filings, but new or modernized requirements (for example, around risk, governance, or ESG topics) can also require new data collection, controls, and narrative analysis. Companies may need to adjust their reporting systems, internal review processes, and board oversight to match any new S‑K rules. • For investors: Refocusing Regulation S‑K on “material” information (what a reasonable investor would consider important) is intended to make disclosures more readable and decision‑useful by reducing boilerplate and highlighting key risks, strategies, and governance issues. However, if requirements are cut back too aggressively, some investors worry that important context or comparability across companies could be lost. The net impact depends on the details of the final reforms the SEC adopts. Because the full Atkins statement text is not accessible, its precise predicted impacts (for example, on specific items like risk factors or MD&A) cannot be described beyond this general framework.

The official location for the full text of the January 13, 2026 “Statement on Reforming Regulation S‑K” is the SEC’s website at this URL: • https://www.sec.gov/newsroom/speeches-statements/atkins-statement-reforming-regulation-s-k-011326

The statement has also been mirrored by a third‑party disclosure site (PublicNow/ebs.publicnow.com), but that mirror is currently protected by a CAPTCHA and not directly accessible through automated tools. Any related rule proposals or adopting releases on Regulation S‑K would appear in the SEC’s “Rules and Regulations” or “Proposed Rules” sections and in the Federal Register.

Under normal SEC practice, any substantive reforms to Regulation S‑K would go through a public notice‑and‑comment rulemaking process. That typically includes: • Publication of a detailed proposing release in the Federal Register inviting written public comments. • A defined comment period (often 30–60 days, sometimes extended) during which investors, companies, academics, and other stakeholders can submit views. • In some higher‑profile or complex rulemakings, the SEC may also hold public roundtables, advisory committee meetings, or other outreach events to gather stakeholder input. The accessible snippets of Chairman Atkins’s January 13, 2026 statement do not specify particular hearings or outreach events, but given standard SEC procedures, any actual Regulation S‑K rule proposal following from his statement would be expected to include at least a formal public comment period.