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Published on Wednesday, February 26, 2025 Investment & Private Equity Technology Law Contact [email protected] On February 24, 2025, during the Florida Bar’s 41st Annual Federal Securities Institute and M&A Conference, Acting SEC Chairman Mark T. Uyeda outlined initiatives to promote “innovation, job creation, and economic growth” in both public and private markets.

Key Regulatory Priorities

1. Focus on Capital Formation

Acting Chairman Uyeda emphasized the SEC’s mission to facilitate capital formation while protecting investors and ensuring orderly markets. Recent actions include rescinding certain crypto-related staff bulletins, reassessing litigation tied to climate-related disclosure rules, and exempting specific data from the Consolidated Audit Trail.

Uyeda has directed SEC staff to explore ways to simplify fundraising regulations for entrepreneurs while reducing compliance costs. He also proposed enabling greater retail investor participation in private markets by revising income and net-worth thresholds for accredited investors or introducing alternative qualification methods. Suggestions include allowing unaccredited investors to invest limited amounts annually in private offerings.

2. Enhancing Retail Investor Access

Uyeda criticized "paternalistic policies" that limit retail investors’ access to wealth-building opportunities in private markets. He stressed that regulations should empower individuals to assess risks independently rather than depriving them of investment options. He also suggested revisiting rules under the Investment Company Act of 1940 to expand retail investor access to private funds through pooled investment vehicles.

3. Revitalizing IPOs

To make initial public offerings (IPOs) more attractive, Uyeda proposed reviewing criteria for emerging growth companies (EGCs), extending their benefits, and creating a smoother regulatory "on-ramp" for compliance. For existing public companies, he recommended revisiting thresholds for accelerated filers and aligning definitions for smaller reporting companies to reduce complexity and costs.

Enforcement Priorities

Despite these deregulatory efforts, Uyeda highlighted that enforcement remains active. The SEC continues to prioritize cases involving insider trading, breaches of fiduciary duty by investment advisers, and inflated financial performance.

Monitoring Developments

Hill & Barlow is closely monitoring these developments and will provide updates as the SEC progresses with its regulatory agenda under the current administration.