Core Viewpoint - U.S. exchanges are in discussions with the SEC to reduce regulatory burdens on public companies to encourage more high-valuation startups to go public [1] Group 1: Regulatory Discussions - Discussions involve the SEC, Nasdaq, and the New York Stock Exchange [1] - Proposed reforms include reducing information disclosure, lowering listing costs, and making it harder for minority investors to engage in activist actions [1] - Negotiations have been ongoing for several months [1] Group 2: Current Market Trends - Nasdaq President Nelson Griggs noted that companies are staying private for longer periods [1] - Focus areas include regulatory provisions that complicate the listing and maintenance of public company status [1] Group 3: Proxy Voting Process - One key area of focus is reforming the current proxy voting process, which requires companies to provide information to shareholders for voting on various matters [1] - Proposed changes would make it more difficult for small shareholders to initiate proxy battles and limit the ability of minority investors to resubmit proposals [1] - The reforms aim to reduce the disclosure burden in preliminary proxy statements [1]