Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Tuesday, December 10, 2013

Commissioner Gallagher on Disclosure Reform

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.

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