Nearly two years ago, Nasdaq published our Revitalize blueprint to address the challenges facing the public markets. The proposals in the blueprint strove to build on the efficiency of the capital markets and help fuel the U.S. economy through reconstructing the regulatory framework, modernizing market structure and promoting long-termism. With continued input from our issuer community, we have seen progress around many issues outlined in our blueprint, including the following developments.
Proxy Reform Momentum
As a follow up to the SEC’s November roundtable on the proxy process, Nasdaq was joined by over 300 companies in our February SEC letter outlining critical proxy reform priorities. The SEC has indicated that they are considering these issues.
Approval of Disclosure Simplification Changes
The SEC recently approved changes intended to modernize and simplify their disclosure rules, including eliminating several duplicative disclosures and simplifying the confidential treatment request process. Nasdaq’s comment letter supported many of these changes.
Interest in Streamlining Earnings Releases & Quarterly Reporting
We commend the SEC’s efforts to analyze the quarterly disclosure process and consider measures to streamline reporting. Our March comment letter reflected the views of nearly 200 clients.
Beyond the above recent developments, we will focus on other areas that are top of mind for public companies. For example, we are closely following legislative efforts aimed at restricting stock buybacks and are active in Washington on behalf of our clients. Additionally, we keep pushing for reforms that help to improve the market experience for listed companies and market quality for their securities. Our TotalMarkets initiative, launched last week, expands our Revitalize agenda and further codifies Nasdaq’s commitment to improving market structure and the trading experience within the U.S. capital markets.
We look forward to continuing the dialogue with our issuer community, regulators and stakeholders on behalf of these initiatives.
Read related coverage:
- Nasdaq’s Proposal to Improve the Trading Environment in Small and Medium Growth Companies
- It’s Time to End the One-size-fits-all U.S. Equities Market Structure: Let’s Give Issuers Flexibility
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.