WASHINGTON, D.C.— Benjamin Schiffrin, Director of Securities Policy for Better Markets, issued the following statement in connection with the filing of Better Markets’ comment letter with the Securities and Exchange Commission (SEC) regarding the SEC’s comprehensive review of disclosure requirements for public companies: 

“Disclosure is the bedrock of our securities laws. The SEC is supposed to ensure that investors have the disclosures they need so that they can make informed investment decisions about public companies. Incredibly, the SEC seems poised to curtail the disclosures that public companies must provide investors in return for their money. 

“The SEC must not lose sight of the need for investors to be fully informed about the public companies in which they invest. Chair Atkins characterizes disclosure obligations as burdens for public companies.  But public companies issuing securities are asking for the public’s money. The basic bargain of our securities laws is that companies can access the public’s money in return for providing the public with information to keep them informed about their investments. Disclosure obligations are not burdens to be alleviated; they are what investors are entitled to when they invest their money in any one company. 

“Investors deserve as much material information as possible about the companies in which they invest. The SEC should be making it easier, not harder, for investors to obtain this material information. We urge the SEC to retain the disclosures that its regulations currently require, which protect investors and ensure the transparency of our public markets.” 

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Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street, and make our financial system work for all Americans again. Better Markets works with allies—including many in finance—to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.org.