Tuesday, December 10, 2013
On December 6, 2013, Commissioner Daniel M. Gallagher offered remarks in New York at the 2nd Annual Institute for Corporate Counsel. Notably, Commissioner Gallagher stated:
Our disclosure regime, in all its aging and accreted complexity, is not perfect in view of its objectives. But in seeking to improve it, a fixation on the perfect will certainly put at risk achieving further good in the near term. So my plea today is this: let’s put ordinary individual investors, materiality, and practicality at the heart of a priority effort to improve public companies’ disclosure documents. It’s high time for the SEC — with your active assistance — to take the initiative on this crucially important issue.