SEC Commissioner Elad Roismon on the SEC's Evolving Role

The video discusses the SEC's role, focusing on disclosure requirements for unicorns, the GameStop event, payment for order flow, stock buybacks, and ESG reporting. The Commissioner shares insights on market dynamics, investor protection, and the importance of public markets, while expressing skepticism about certain regulatory changes. The session concludes with reflections on the Commissioner's tenure and future plans.

What is the main reason the Commissioner is skeptical about treating large private companies like public ones?

• The SEC's mission focuses on shareholders, not stakeholders.

• They have too many shareholders.

• They are not profitable enough.

• They lack the necessary infrastructure.

Why does the Commissioner believe high net worth individuals are significant in private markets?

• They are the only ones who can afford public stocks.

• They have better financial advisors.

• They have exclusive access to private market investments.

• They are more likely to invest in startups.

What is the Commissioner's view on the growing number of unicorns?

• They should be forced to go public.

• They indicate a failure in the public market system.

• They should be taxed more heavily.

• They require a deeper analysis of the current framework.

What does the Commissioner believe about the public filing process?

• It is too costly.

• It should be simplified.

• It improves company performance.

• It is unnecessary for most companies.

What lesson does the Commissioner draw from the GameStop incident?

• The market is unstable.

• The market needs more regulation.

• Retail investor participation has increased.

• Payment for order flow is harmful.

What is the Commissioner's stance on payment for order flow?

• It should be banned.

• It is unregulated.

• It has reduced costs for investors.

• It is a new concept.

What is the Commissioner's view on the role of the SEC in digital assets?

• The SEC should assess new risks and opportunities.

• The SEC should ban all digital assets.

• The SEC should regulate digital assets like stocks.

• The SEC should ignore digital assets.

What is the Commissioner's concern regarding daily disclosure of stock buybacks?

• It would not provide enough information.

• It would lead to insider trading.

• It would discourage companies from buybacks.

• It would increase market volatility.

What does the Commissioner suggest about ESG reporting?

• It should be handled by the EPA.

• It should be mandatory for all companies.

• It should focus on financial risks only.

• It should be voluntary.

What is the Commissioner's plan after stepping down?

• Joining another government agency.

• Retiring permanently.

• Taking time to decide.

• Starting a new business.