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SEC Commissioner Stein Calls for Holistic Disclosure Review

In a recent speech, SEC Commissioner Stein discussed the importance of disclosure to the relationship between companies and their investors.  She stated that the result of the robust disclosure system “has been the creation of the healthiest, most vibrant capital markets in the world.”  However, she recognized the limits of the current system in the digital age.  While she acknowledged recent Commission efforts to improve disclosure – including a redesign of the SEC’s EDGAR system and the Disclosure Effectiveness project – she encouraged a broader view of disclosure issues.  She called for investor outreach to determine what information is important to investors.  Additionally, she noted that the current disclosure regime is based on paper documents – and called for rethinking ways to harness technology to present information according to investors’ preferences.