George Steer

You need information to allocate capital effectively, efficiently.

So there is simply less information to go off for people who control hundreds of billions of dollars and that markets will become less efficient as a result.

Yeah.

And again, the SEC chair, Paul Atkins, who was nominated by Trump,

He's promised to make IPOs great again.

His argument being that rigid or, as he would say, burdensome reporting standards have contributed to a shrinking of public markets that we've seen over the last 20, 30 years.

What he means by that is that the sheer number of listed companies has shriveled massively.

A lot of people who agree with Black can say that, you know, the reason why some companies are staying private for longer is because they're not obliged to do all of this, jump through all of these hoops that public companies have to.

So I think there is a 60-day comment period.

So investors, companies, trade associations and bodies can write into the SEC saying either this is a great idea and we're looking forward to it, or this is a terrible idea and we think you should change course.

So after the 60 days, the SEC staff will review those comments, finalize their recommendations, and then there'll be another vote at the SEC and then a press release after that confirming that either

the body will move forward with this decision to slash reporting requirements or that it has opted against doing so.

Thank you.