解读丨2026年美国证监会重振美国IPO市场计划

Core Viewpoint - The SEC's proposed structural reforms aim to reduce disclosure burdens on small companies and address the significant decline in the number of publicly listed companies in the U.S. since the 1990s, which has decreased by 40% [1][2][3] Group 1: Proposed Reforms - The SEC plans to adjust disclosure requirements based on company size and maturity, shifting from quarterly to semi-annual reporting, with a rule-making timeline set for 2026 [1][5] - The reforms are intended to lower compliance costs and revitalize IPO activity, while potentially increasing information asymmetry and investor skepticism towards smaller companies [1][2][6] - The proposed changes are part of a broader deregulation agenda, which includes reforms to the SEC's enforcement procedures and aims to create a more attractive environment for IPOs [6][7] Group 2: Impact on Small Companies - The current one-size-fits-all disclosure requirements create significant compliance costs for smaller companies, as those with a market cap of $250 million are required to submit the same information as those with a market cap 100 times larger [2][3] - The SEC's initiative is seen as a critical structural shift that could enhance the competitiveness of public markets and attract the next generation of innovators [3][4] - The proposed semi-annual reporting system has been successfully implemented in the EU, UK, and Japan, suggesting its feasibility and potential benefits for U.S. companies [5][6] Group 3: Market Dynamics - The SEC's reforms may reduce regulatory friction and lower the costs of going public, which could lead to an increase in IPOs, as evidenced by a 38% quarter-over-quarter growth in U.S. IPOs earlier this year driven by strong investor demand [7]