Key Takeaways From SEC Speaks 2026

Authors: C. Dabney O'Riordan, Nicole Love, Noah Curtiss, Manola Danese, Peter Rosenberg, Christopher Staley, Dilvin Tayip

The recurring theme during SEC Speaks on March 19 and 20, 2026, was the SEC's plan to support innovation and technology through modernizing and right-sizing regulation. Chairman Atkins laid this out in what he dubbed the "ACT" Strategy, a Commission-wide, integrated policy strategy built upon the three following pillars: (1) Advancing SEC rules to align with how markets operate today; (2) Clarifying the SEC's regulatory regime to streamline oversight and unlock innovation; and (3) Transforming the SEC's requirements to eliminate obligations that are burdensome and/or impractical.

As discussed in more detail below, key takeaways from this year's SEC Speaks include:

1. Overall, the SEC is committed to innovation in capital markets and capital formation by updating the rulebook with clearer, technology-neutral rules while still requiring new products to fit within the existing statutory framework.
2. For investment advisers, the Division of Investment Management (IM) is focusing on new rules for e-delivery and crypto custody while expanding retail access to private markets, and the Division of Examinations (Exams) emphasized its risk-based focus on fiduciary duties, disclosures, valuation, and careful use of AI with human oversight, clear policies, and accurate disclosures.
3. For broker-dealers, Exams identified private placements as an ongoing and future focus while, relatedly, the Division of Trading and Markets (TM) noted that it is again looking into issues related to the finders' status as brokers under the Exchange Act.
4. For public companies, the Division of Corporation Finance (CorpFin) is working on a series of "blockbuster" rule proposals to modernize disclosure including possible changes to shareholder proposals, IPO/on-ramp rules, executive compensation, and semi-annual reporting. Additionally, staff noted early work on accredited investor expansion and ongoing crypto guidance in coordination with the CFTC.
5. The Division of Enforcement (Enforcement) is going "back to basics" by focusing on core investor-protection cases-public company disclosure issues, offering fraud, adviser fiduciary breaches, and insider trading-while also targeting individual wrongdoers and gatekeepers. It also highlighted efforts to make Wells-process practices more consistent and uniform for all Wells Notice recipients.

Capital Markets and Capital Formation

Expect a focus on encouraging and facilitating innovations in the capital markets.

The SEC plans to review and update the current regulatory scheme to ease impediments on entrepreneurial ideas and products.[1] Two philosophies in the staff's approach emerged throughout the conference: (1) The staff is here to work with the industry and interested stakeholders to adopt technology-neutral rules to facilitate innovation in the securities markets and capital formation; and (2) Innovation must still somehow fit within the laws governing whatever is being created.

The SEC intends to propose clear, technology-neutral rules to mitigate the impacts of the prior SEC's "regulation-by-enforcement campaign," which Chairman Atkins believes stifled innovation and drove potential products offshore.[2] One example discussed by TM is consideration of an "innovation exemption"[3] that would provide a time-limited exception to allow issuers to experiment with digital technologies-such as trading certain tokenized securities.[4] The SEC is also contemplating 24-hour trading[5] and will continue to evaluate overnight trading capabilities for exchanges who employ strong cybersecurity and risk management measures.

Engagement. Multiple senior leaders repeatedly invited SEC registrants and interested stakeholders to meet with staff about their innovative ideas on new products. But, the staff cautioned that stakeholders should come prepared to offer solutions to any regulatory impediments.

SEC leadership was also very clear that any leeway provided to new market participants will also be provided to established exchanges and other incumbent market participants. Nobody will be offered opportunities that other market participants cannot access because the Commission's goal is to create competition in America-instead of driving it overseas.

Investment Advisers

Expect increased staff engagement as IM ramps up rulemaking and guidance while Exams focuses on core compliance obligations

Division of Investment Management. IM staff identified the following three areas where new rulemaking should be expected:

1. Modernizing requirements related to the electronic delivery of disclosure materials;
2. Amendments to the Investment Advisers Act and the Investment Company Act custody rules to address issues related to crypto asset custody; and
3. Rule proposals to foster the "responsible retailization" of private markets.

In addition to explaining recently issued guidance, such as the new Marking Rule and Fund-of-Funds FAQs,[6] IM staff also identified other areas that may be ripe for additional guidance, including further Marketing Rule guidance and further efforts to streamline the co-invest exemptive order process.

Echoing the message from last year's program, Brian Daly, the Director of IM, again explained that staff are ready and willing to listen. Director Daly explained that while any engagement with the industry is useful and welcome, the most effective engagement occurs early and often. Specifically, he encouraged those engaging with the staff to:

• Explain the business proposition (i.e., what is it that you are trying to do) and what you hope to achieve in doing so;
• Identify, with as much specificity as possible, what you think the regulatory impediments are to moving forward; and
• Explain how you expect to mitigate the concerns the regulatory impediments you identified were designed to address and/or why those concerns are not applicable to your proposed course of action.

Topics staff identified as ripe for engagement included investment adviser use of AI, private market valuation and liquidity challenges (particularly as they relate to retail access), continuing compliance challenges with recently amended rules, and areas where further streamlining could be appropriate, including co-invest and ETF share class exemptive relief.

Division of Examinations. The now permanent Director of Exams, Keith Cassidy, used the Exams panel to remind managers that the goal of the SEC's examination program is to strengthen compliance by encouraging firms to direct their resources to the higher risk areas of their business. He further explained that despite staffing changes and some reorganization, Exams remains focused on the priorities that were published in November 2025, and also reminded managers that the priorities are not an exhaustive list.[7] The specialized Private Funds Unit continues to exist and will continue its recent focus on private fund advisers, particularly those that also advise mutual funds and separately managed accounts, are newly registered, or have recently undergone mergers or consolidations. Looking ahead, the Exams staff explained that core compliance practices related to fiduciary obligations, disclosure accuracy, and valuation policies and practices remain top of mind for examiners.

The concepts of technology and innovation were also addressed during the Exams panel. Most notably, the leader of Exams' National IA/IC Examinations Program explained that staff understands that AI is a dynamic tool with which firms are experimenting. She echoed one of the event's recurring themes-that the SEC's goal is to be technology neutral-but explained managers must keep certain foundational principles in mind when implementing or experimenting with AI; namely, firms must understand how AI tools are being used as well as the risks such use creates while always keeping in mind the firm's regulatory obligations. She further highlighted the following three key points of emphasis for managers utilizing AI tools:

1. Keep a human in the loop because the use of AI does not change or alleviate a manager's duty of care or duty of loyalty;
2. Develop and implement policies and procedures that are tailored to the way in which the firm is actually using AI tools; and
3. Ensure the firm's use of AI is being accurately disclosed-say what you do and do what you say.

Broker-Dealers

Expect a renewed interest from Exams and TM on the role broker-dealers play in the private placement market.

During its panel, Exams explained that broker-dealers' practices in the private placement markets is, and will continue to be, an area of focus for its broker-dealer examination program. Staff emphasized Reg. BI compliance, issuer due diligence, and investor identification/solicitation practices, including the use of appropriate marketing materials, as areas of specific concern. Broker-dealers' role in the private placement markets again came up during the TM panel, where TM's Chief Counsel explained that there have been renewed questions regarding whether certain activities of unregistered finders could result in these firms or individuals being brokers under the Exchange Act. She explained that her office, at the request of Chairman Atkins, is once again looking into these, and related, issues and encouraged private placement market participants to engage further with staff on this topic.

Public Companies

Expect "Blockbuster" rulemaking from CorpFin.

A key theme emerging from the CorpFin Panel is their prolific rulemaking agenda in which they are seeking to modernize and clarify current rules. CorpFin staff explained that multiple "blockbuster" proposals should be expected, including amendments to modernize and simplify Regulation S-K.

Regulation S-K. While the staff did not provide details about what such amendments might look like, both Chairman Atkins and Commissioner Peirce emphasized the link between materiality and the Commission's public company disclosure regime. Chairman Atkins explained that CorpFin is "actively engaged in a first-principles review of [our] disclosure requirements with materiality as its north star."[8] Commissioner Peirce asked "[i]f we are taking our statutory obligations seriously, why would the SEC, of its own volition, mandate disclosure of information that is not material?"[9] Explaining further, she observed that "[b]y definition, immaterial information costs more to produce than it is worth to the investors for whom it is being produced" and concluded that "[i]f information is not material to the reasonable investor the resultant investor protection benefit is de minimis."[10] Following these statements, public companies should indeed expect to see "blockbuster" amendments to Regulation S-K.

Other Rulemaking. Staff also described its work on a number of other significant rulemaking projects including the following:

1. Amendments to Rule 14a-8 governing shareholder proposals;
2. Leveraging the success of the emerging growth companies' registration status by proposing further amendments designed to encourage and make it easier for companies to go public and stay public;
3. Amendments to executive compensation disclosure requirements designed to simplify compliance and improve transparency; and
4. Amendments that would allow public companies to report semi-annually rather than quarterly.

In addition, staff announced work related to the potential expansion of the Accredited Investor definition. Albeit still in the very early stages, staff explained that they are engaged in ongoing discussions with FINRA on the development of an examination designed to assess an individual's investment knowledge and sophistication. If such an examination were developed and adopted by the Commission, it would provide an alternative means (outside of the current income and wealth standards) for individuals to qualify as Accredited Investors.

Crypto and Other Digital Assets. Following the Commission's recent clarification of the application of the securities laws to crypto assets, unsurprisingly, crypto assets were at the forefront of the discussion as well.[11] Using the landmark Supreme Court decision in Howey as the legal basis, a crypto taxonomy was created. Digital commodities like bitcoins, digital collectables like NFTs, or even stablecoins are not securities under the new taxonomy; whereas, digital securities remain subject to the securities laws. CorpFin emphasized that the key element in the Commission's analysis is the "expectation of profits due to the managerial efforts of others" prong of the Howey test. Critically important under the new taxonomy is when these efforts come to an end. This work has been done in conjunction with the CFTC, hitting on another major theme of the discussions, cross-collaboration amongst regulators.

Finally, as mentioned in previous speeches from Chairman Atkins and Commissioners alike, CorpFin encouraged the industry to engage with the staff to pursue the three pillars of Chairman Atkins' ACT Strategy to advance, clarify, and transform the current legal framework.

Enforcement

Expect a Back to Basics Approach

Leadership from Enforcement stated emphatically that it is not stepping back from its work and remains focused on core investor-protection priorities. Acting Director of Enforcement, Sam Waldon, described Enforcement's "quality over quantity" approach and emphasis on individual "liars, cheaters, and thieves." Enforcement staff highlighted the four core priorities of its "back to basics" orientation as follows: (1) misrepresentations and disclosure failures by public companies; (2) offerings frauds; (3) breaches of fiduciary duties by investment advisers; and (4) insider trading. Within this framework, the panel emphasized that Chairman Atkins is prepared to leave individual wrongdoers "shoeless and homeless," further underscoring the staff's focus on individual accountability.

Gatekeepers. Enforcement also affirmed its continued emphasis ongatekeepers-stating that failures by lawyers, accountants, and auditors allow misconduct to metastasize and undermine market integrity. Staff cited a recent action against a PCAOB-registered accounting firm in connection with the audit of a mutual fund as a recent example of a gatekeeper case that the industry is likely to see more of. There, the Commission found audit failures tied to valuation-related work, including failures to understand controls around the valuation process, to assess and respond to valuation risks, to obtain necessary valuation information, and to exercise required professional care and skepticism. Notably, Enforcement emphasized that despite these failures, there wasno civil penalty due to prompt remediation by the auditor.

Enforcement's comments align with the SEC's recent steps to bolster its focus on gatekeeper misconduct. The Office of the Chief Accountant and the Chief Accountant for Enforcement both noted increased hiring. Just days prior to SEC Speaks, the Commission posted several job openings for a new SOX group within Enforcement. The expectation is that this group will focus on investigating and litigating potential violations of auditing and related professional standards, SOX provisions, and other federal securities laws.

Wells Process. Another major topic of discussion for Enforcement was the standardization of Wells process reflected in the recent Enforcement Manual updates.[12] In particular, staff attempted to provide clarity about Wells Notice recipients' access to the investigative file. Staff made clear that outcomes may differ, but emphasized that the goal is to provide uniformity in how requests for such access are considered. Staff noted that it is in everyone's best interest for Wells Notice recipients to know what specific statements are at issue and have access to key evidence, including testimony that relates to the falsity of the information and scienter. And, Wells Notice recipients can expect to receive this information so long as the recipient has not obstructed or sought unfair advantage during the Wells process. Exculpatory evidence may also be provided if any is identified by staff, but staff cautioned that it will not go "scouring" records for such information. While these changes are meant to bring consistency to the Wells process, Enforcement cautioned that the approach set forth in the Enforcement Manual is not prescriptive; it remains at the Division's discretion and these updates will not turn the Wells process into a fishing expedition.

Coordination Across Agencies. Finally, Enforcement emphasized coordination with other agencies and avoiding duplicative use of limited resources. Like IM, Enforcement highlighted that cooperation with the CFTC, including the SEC-CFTC Memorandum of Understanding, is already producing practical benefits by helping clarify jurisdictional lines. This cross-agency coordination aligns with the Commission's stated goal of increasing efficiency and focusing its efforts where they are needed most. One senior leader candidly remarked that, unless it serves a specific policy objective, the SEC will generally not duplicate its efforts if another regulator is investigating something and is equipped to remedy the misconduct.

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