美证监会主席Atkins在小企业资本形成顾问委员会讲话：扩大合格投资者认定 推进IPO现代化与众筹修订
美国证券交易委员会（SEC）主席 Paul Atkins 10月27日以视频连线方式，在该会小企业资本形成顾问委员会（SBCFAC）会议上发表讲话，阐述扩大个人投资者进入私募市场的渠道、IPO 现代化与众筹条例修订三项工作。
在合格投资者认定方面，Atkins 表示，在维持防欺诈措施的同时扩大投资者进入私募市场的渠道，是其优先事项之一。他说，SEC 上月已就新增合格投资者认定方式发出通知征求意见，其中包括通过一项由金融业监管局（FINRA）开发的考试取得资格；这一「以考试证明专业认知」的思路，正源自该顾问委员会此前三次提出的建议，公众意见征询仍在进行。
在 IPO 现代化方面，他表示相关工作旨在减少监管摩擦、鼓励更多公司上市并留在公开市场；他已指示 SEC 工作人员研究改革《证券法》中被称为「抢跑」（gun-jumping）的沟通限制，包括重新评估对沟通内容与对象的限制、更清晰地界定何种沟通构成受限制的「要约」，以及为发行人的无心疏漏设置易于适用的补正条款。他指出，SEC 上一次全面检讨沟通规则还是在2005年。该顾问委员会上月已表态支持 SEC 关于自愿半年报、简化发行人身份认定与注册发行改革的三项提案。
在众筹方面，Atkins 介绍，《众筹条例》（Regulation Crowdfunding）实施十年来，已有超过9,800宗发行通过该渠道完成，平均每宗募资约36.4万美元；他已要求工作人员评估该条例可修订之处，以减轻合规负担、提高规则对发行人与投资者的吸引力。
来源：GSM·美国
SEC Chair Atkins Addresses Small Business Capital Formation Advisory Committee: Broader Accredited-Investor Access, IPO Modernization and Crowdfunding Review
U.S. Securities and Exchange Commission Chair Paul Atkins delivered remarks by video on October 27 at a meeting of the agency's Small Business Capital Formation Advisory Committee, outlining work on accredited-investor access, IPO modernization and Regulation Crowdfunding.
On investor access, Atkins said expanding pathways into private markets, while maintaining fraud-prevention measures, has long been one of his top priorities. Last month the Commission issued notices on potential additional ways to qualify as an accredited investor, including passing an examination to be developed by the Financial Industry Regulatory Authority (FINRA) — an approach the Committee had recommended on three separate occasions — and public comments are being sought.
On IPO modernization, he said the effort aims to reduce regulatory friction and incentivize more companies to go and stay public, and that he has directed SEC staff to explore easing the Securities Act's 'gun-jumping' communication restrictions: re-evaluating limits on the content of communications and the types of persons who may receive them, drawing brighter lines on when communications constitute regulated 'offers,' and reducing 'foot fault' violations through straightforward cure provisions. He noted the Commission has not comprehensively reviewed its communication rules since 2005. The Committee last month issued recommendations supporting the Commission's proposals on optional semiannual reporting, filer-status simplification and registered-offering reform.
On crowdfunding, Atkins said that in the decade since Regulation Crowdfunding was adopted, more than 9,800 offerings have raised an average of about $364,000, and that he has asked staff to evaluate which aspects of the rules can be amended to reduce compliance burdens and improve their attractiveness for issuers and investors.
来源：GSM·美国（原文链接）
图片来源：图：美国证券交易委员会主席 Paul Atkins 官方肖像（2025年）。美国证券交易委员会供图，公共领域，来源：Wikimedia Commons / Photo: Official portrait of SEC Chair Paul Atkins (2025). U.S. Securities and Exchange Commission, public domain, via Wikimedia Commons
