Atkins outlined three obstacles he believes are holding issuers back. The first is what he described as expensive, overly long disclosures that impose an unnecessary burden on issuers. The second is the threat of securities litigation. Atkins reiterated his support for allowing companies—where state law permits—to adopt bylaws mandating arbitration and applying “loser pays” fee-shifting provisions, and said the SEC staff will no longer block an IPO solely because such measures are included. “If the state allows it, then that will be fine with us,” he said.
His third concern centers on what he characterized as “politicized shareholder activists” who can influence corporate governance battles. Atkins expects any related policy proposals to take most of next year to move through the regulatory process.
After a significant downturn, the IPO market has been gaining momentum. In my conversation with Lynn Martin, president of the New York Stock Exchange, during the recent Fortune Most Powerful Women Summit, she said: “The IPO market is really, really strong. We’ve had a great year so far across all sectors.”
As 2026 approaches, the stakes are high to keep this year’s IPO revival from being just a fleeting upswing in the public markets.
