A New Direction at the SEC—What It May Mean for Advisory Firms
- Coulter Strategic Services
- Apr 10
- 2 min read
April 10, 2025
With Paul Atkins confirmed on April 9, 2025, as Chair of the U.S. Securities and Exchange Commission, a shift in tone is expected—but not necessarily a change in core responsibilities. While it’s still early to define how this Commission will govern, Atkins’s history suggests a preference for fewer regulatory burdens and a focus on promoting innovation within financial markets.
This doesn’t mean the foundational rules are going anywhere. Regardless of leadership, fiduciary duty still applies. Advisory firms must continue to act in the best interest of their clients, maintain a robust compliance program, and regularly test that program to ensure it works. These aren’t optional—they’re the baseline for staying compliant.
What may change is the method. Under this new leadership, firms might experience fewer prescriptive requirements and more flexibility in how they meet regulatory goals.
There could be an increased emphasis on principle-based oversight rather than rule-by-enforcement. That means more room for firms to tailor compliance systems to fit their business model—so long as those systems are defensible and well-documented.
Rulemaking may slow down compared to the last Commission under Gary Gensler, which saw a surge in regulatory activity not seen in over 30 years. But that doesn’t mean it’s going away. New rules will likely continue, especially those aimed at transparency, clarification, and moderation—along with efforts to put guardrails around financial innovations where needed.
Atkins is also known for being open to financial innovation. While much of the attention may focus on digital assets and emerging technologies, the broader message is one of modernization. This Commission may prioritize clarity and efficiency over complexity, aiming to make it easier for firms to understand and implement regulations.
Still, change is constant. As always, it’s critical for firms to stay alert, remain responsive to new interpretations, and document how they meet their regulatory obligations. A different approach doesn’t mean fewer expectations—it just might look a little different.
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