fiscal years 2026 – 2030

STRATEGIC

PLAN

fiscal years 2026 – 2030

Contents

Message from the Chairman . . . . . . . . . . . 3

About the SEC . . . . . . . . . . . . . . . . . . . . . . . 4

Our Mission . . . . . . . . . . . . . . . . . . . . . . . . . . 5

Our Vision . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

Our Values . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

Our Goals . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

How We Developed This Plan . . . . . . . . 12

2 | U.S. Securities and Exchange Commission

Message from the Chairman

I am pleased to present the Securities and Exchange Commission’s

Strategic Plan for Fiscal Years 2026 through 2030.

It is a new day at the SEC, focused on returning to our core mission

that Congress set for us more than 90 years ago in the Securities

Exchange Act of 1934 (Exchange Act): protecting investors;

maintaining fair, orderly, and efficient markets; and facilitating

capital formation.

• Investor protection is vital to our mission—enforce securities laws against those who

distort capital raising and who victimize investors. The SEC will remain vigilant in our

important role to ensure that investors have confidence to participate in the markets.

• The second core part of our mission is maintaining fair, orderly, and efficient markets.

The SEC will continue its work to monitor the market environment and be responsive

and innovative in the face of significant market developments and trends.

• Capital formation is also at the root of what we do—fostering a direct, economical

route for investors’ capital to find its way to entrepreneurs and industry to create

products and services. This engine of growth employs people, helping them to work

and save to achieve their dreams. The SEC will continue to balance costs and benefits

in its regulations so that they do not become unduly burdensome by adding needless

friction to the marketplace.

During my tenure as Chairman, the SEC will not stray from this core three-part mission.

Our Strategic Plan focuses on three goals that advance our mission:

1. Renew our regulatory policy focus to support innovation, capital formation, market

efficiency, and investor protection.

2. Shift our regulatory practices to increase stakeholder engagement, facilitate compliance

efforts of market participants, and effectively return our enforcement approach to

Congress’ original intent.

3. Optimize our operational efficiency by enhancing our organizational structure,

modernizing our technology, reforming employee performance management, and

implementing robust internal performance reporting that incorporates accountability

for resources and program success.

Chairman Paul S. Atkins

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3

About the SEC

The SEC is a federal agency, established pursuant to the Exchange Act, headed by a

Commission of up to five members. The Commissioners are appointed by the President and

confirmed by the Senate. The President designates one of the Commissioners as the Chairman.

The federal securities laws task the SEC with a broad and diverse set of responsibilities,

including to:

• Engage and interact with the investing public directly on a daily basis through a variety of

channels, including investor roundtables, education programs, and alerts on SEC.gov;

• Oversee annual trading of approximately $207 trillion in U.S. equity markets, $9.3 trillion

in exchange-traded options, $372 trillion in the fixed-income markets, and trillions of

dollars in security-based swaps, including approximately $693 billion in credit derivatives;

• Selectively review the disclosures and financial statements of approximately 4,700

exchange-listed public companies with an aggregate market capitalization of

approximately $71 trillion;

• Oversee the activities of over 33,000 entities, including investment advisers, registered

funds, broker-dealers, municipal advisors, and transfer agents;

• Oversee 29 national securities exchanges, 111 alternate trading systems, 11 credit rating

agencies, 7 active registered clearing agencies, 3 security-based swap data repositories,

the Public Company Accounting Oversight Board, the Financial Industry Regulatory

Authority, the Municipal Securities Rulemaking Board, the Securities Investor Protection

Corporation, and the Financial Accounting Standards Board; and

• Provide critical market services through information technology systems, such as the

approximately 19 TB of disclosure data available on the Electronic Data Gathering,

Analysis, and Retrieval (EDGAR) system.

Commission members act jointly to set and enforce the rules that govern the securities

markets and market participants. The Chairman is responsible for overseeing the executive

and administrative functions of the agency and our approximately 4,000 staff members,

who are currently organized into 6 divisions and 25 offices, located in our Washington, DC,

headquarters and 10 regional offices.

This Strategic Plan sets forth the Chairman’s vision for the next four years. It was developed

in consultation with, and with input from, all Commissioners, but may not necessarily

represent the views of all Commissioners.

4 | U.S. Securities and Exchange Commission

Our Mission

The mission of the SEC is to protect investors; maintain fair, orderly, and efficient markets; and

facilitate capital formation.

Our Vision

We envision capital markets that work to the benefit of all Americans and ensure that the United

States is the best and most secure place in the world to invest and do business.

Our Values

As the federal agency entrusted with regulating the U.S. securities markets, each SEC

Commissioner and staff member has a personal responsibility for upholding the following values.

INTEGRITY

Demonstrating the highest ethical standards to inspire confidence and

trust in one another and in the public the SEC serves.

INNOVATION

Developing effective, pragmatic, and flexible regulatory approaches

that recognize the ever-changing nature of the capital markets.

EXCELLENCE

Producing the highest quality work with commitment and dedication.

ACCOUNTABILITY

Holding ourselves accountable to the public we serve for meeting the

core mission that Congress set for the SEC.

FAIRNESS

Treating registrants, investors, and others fairly and in accordance

with the law.

COLLABORATION

Working toward the goals of the SEC in an interconnected

organizational environment that fosters unity and collaboration.

STAKEHOLDER

Engaging purposefully with investor, business, government, and other

ENGAGEMENT

organizations in the United States and abroad.

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Our Goals

Goal 1. Renew our regulatory policy

focus to support innovation, capital

formation, market efficiency, and

investor protection .

The U.S. capital markets are undergoing significant change driven by emerging technologies,

evolving business models, and shifting investor expectations. To remain effective, we

must modernize the regulatory framework to support innovation while maintaining the

core principles of investor protection and market integrity. This includes adapting to

developments in digital assets, distributed ledger technologies, and alternative trading

platforms, which are reshaping how capital is raised and securities are traded.

A forward-thinking approach requires clear, fit-for-purpose rules that foster responsible

innovation and deter misconduct. Modernizing and simplifying disclosure practices,

expanding access to private markets, and enabling new capital-raising pathways are essential

to ensuring that entrepreneurs and small businesses can thrive. At the same time, regulatory

burdens must be carefully calibrated to avoid needless friction in the marketplace.

Economic analysis plays a critical role in this process. Rules must be grounded in rigorous,

unbiased assessments of costs and benefits, with a focus on outcomes that enhance

market efficiency and investor confidence. By embracing technological change, enhancing

transparency, and reducing regulatory uncertainty, the agency can help ensure that U.S.

markets remain the most dynamic and competitive in the world.

Objective 1.1: Provide a firm regulatory foundation for digital assets

and distributed ledger technologies through a rational, coherent, and

principled approach.

Blockchain and crypto asset technologies have the potential to revolutionize America’s

financial infrastructure and deliver new optionality, efficiencies, cost reductions,

transparency, and risk mitigation for the benefit of all Americans. The rapid growth

in these areas has outpaced the existing regulatory framework. A clear and consistent

approach is needed to provide legal certainty for innovators while protecting investors

and preserving market integrity. This includes clarifying the boundaries of securities law

as it applies to digital assets, enabling compliant capital formation through tokenized

offerings, and supporting the development of onchain financial infrastructure.

6 | U.S. Securities and Exchange Commission

A modernized framework will also ensure that custody, trading, and staking services

can operate under appropriate oversight without duplicative or conflicting requirements.

This also involves clarifying jurisdictional questions between the SEC and Commodity

Futures Trading Commission. This harmonization seeks to ensure that the crypto

markets have clear and principled rules of the road, anchored in statute, that promotes

innovation while maintaining the highest degree of investor protection.

Objective 1.2: Provide meaningful pathways for entrepreneurs to obtain

the capital that they need to execute their innovative ideas and grow

their companies in both the private and public markets.

Entrepreneurs and small businesses are essential drivers of economic growth, yet

many face barriers to accessing capital. Reforms should focus on the goal of making

the regulatory framework an effective regime for all types of issuers. This includes

facilitating access to public markets, modernizing outdated rules that inhibit early-stage

fundraising, streamlining disclosure requirements, updating shelf registration processes,

and enhancing Regulation A to better serve smaller issuers. By reducing unnecessary

complexity and improving flexibility, the regulatory environment can better support

innovation and job creation.

Objective 1.3: Ensure that our regulations balance costs and benefits and

do not add needless friction to the marketplace.

Effective regulation must be grounded in rigorous, unbiased, and risk-based economic

analysis. Rules should be fit-for-purpose without imposing unnecessary burdens that

suffocate innovation or reduce market efficiency. This includes reassessing legacy rules—

such as those governing alternative trading systems and market structure—to ensure

they reflect current market realities. Regulatory clarity and certainty are essential to

fostering competition, reducing compliance costs, and enabling market participants

to operate with confidence.

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Goal 2. Shift our regulatory practices to

increase stakeholder engagement, facilitate

compliance efforts of market participants,

and effectively return our enforcement

approach to Congress’ original intent .

Stakeholder engagement is essential to maintaining trust in the capital markets. Open

dialogue with businesses, investors, and industry groups helps regulators stay informed

about market developments and provides valuable insights into how rules are working

in practice. This engagement also supports the development of practical guidance that

facilitates compliance and reduces uncertainty.

Effective enforcement is equally important. The focus must be on clear violations of

established law—particularly fraud and manipulation—rather than on expanding regulatory

reach through ad hoc enforcement actions. A principled enforcement approach ensures

fairness, respects due process, and provides the predictability that market participants need

to operate with confidence.

Ongoing evaluation of existing rules is a hallmark of good governance. As markets evolve,

regulations must be evaluated to ensure they continue to serve their intended purpose.

This includes reviewing rules related to foreign private issuers, executive compensation,

and private fund reporting. These efforts reflect a broader commitment to regulatory

accountability, flexibility, and transparency.

Objective 2.1: Increase staff engagement with business and

industry groups.

Ongoing dialogue with market participants is essential to effective regulation. By

engaging with businesses, investors, and other stakeholders, staff can stay informed

about emerging trends, challenges, and innovations. This engagement also enables the

development of practical guidance that helps firms comply with the law more efficiently.

A more collaborative regulatory posture fosters trust, improves transparency, promotes

compliance, and ensures that rules are responsive to real-world conditions.

8 | U.S. Securities and Exchange Commission

Objective 2.2: Restore our enforcement approach to one that polices

violations of established law, with a particular focus on fraud and

manipulation.

Enforcement should focus on clear violations of established law, especially those

involving fraud, deception, and market manipulation. A return to Congress’ original

intent ensures that enforcement actions are grounded in statutory authority and due

process. Success should be measured not by the number of cases or fines, but by the

deterrent effect and the clarity it provides to the marketplace. This approach reinforces

investor confidence and ensures that enforcement supports, rather than substitutes for,

sound policymaking.

Objective 2.3: Perform retrospective reviews of our regulatory policies

and practices to ensure they meet current objectives.

As markets evolve, so too must regulation. Periodic reviews of existing rules—such

as those governing foreign private issuers, quarterly and private fund reporting, and

executive compensation—help ensure that policies remain effective and relevant.

Retrospective reviews should assess whether rules continue to achieve their intended

goals, identify unintended consequences, and consider whether alternative approaches

could better serve investors and the public interest. This applies both within the halls of

the agency as well as the self-regulatory and other organizations supervised by the SEC.

Objective 2.4: Evaluate our administrative law framework.

Recent judicial decisions have underscored the need to periodically review the agency’s

administrative procedures. Our procedures should ensure that adjudicative processes

are consistent with constitutional principles, including a fair adjudicatory process and

separation of powers. Assessing the SEC’s administrative law framework will focus on

ways to enhance public trust, reduce litigation risk, and align the agency’s practices with

evolving legal standards.

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Goal 3. Optimize our operational

efficiency by enhancing our organizational

structure, modernizing our technology,

and fostering employee performance

and accountability .

To meet the demands of rapidly evolving financial markets, the agency must operate with

efficiency, agility, and accountability. This begins with thoughtfully reorganizing internal

structures, improving collaboration, and aligning resources with strategic priorities.

Streamlining management layers and consolidating duplicative offices can help ensure that

the organization is responsive and well-positioned to serve the public interest.

Technology modernization is a critical enabler of regulatory effectiveness. A comprehensive

review of legacy systems—such as EDGAR—and the adoption of secure, scalable

infrastructure will enhance data integrity, reduce operational risk, and support advanced

analytics. The responsible use of artificial intelligence and blockchain technologies can

further improve oversight, reduce costs, and unlock new efficiencies.

A high-performance culture depends on clear expectations, mission alignment,

accountability, and continuous improvement. Reforms to performance management

systems—aligned with federal directives—will ensure that staff are evaluated based on

meaningful outcomes. Internal performance reporting should incorporate key performance

indicators that reflect both resource stewardship and program success. These efforts will

foster a culture of excellence, transparency, and public service.

Objective 3.1: Implement a targeted, common-sense reorganization to

improve efficiency and effectiveness, remove barriers to collaboration,

and rationalize our resources.

A streamlined organizational structure is essential to delivering on the agency’s mission.

This includes consolidating duplicative functions, optimizing supervisor-to-staff ratios

following recent supervisor and staff departures, and aligning personnel with strategic

priorities. Breaking down silos and fostering cross-divisional collaboration will enhance

agility, reduce redundancy, and ensure that the agency can respond effectively to

emerging challenges.

10 | U.S. Securities and Exchange Commission

Objective 3.2: Review and modernize our technological infrastructure,

systems, and tools, including comprehensively reviewing the EDGAR

system and advancing the responsible use of artificial intelligence across

the SEC.

Modern, secure, and scalable technology is critical to effective regulation. A

comprehensive review of legacy systems—such as EDGAR—is necessary to address

vulnerabilities, improve data quality, and support advanced analytics. Embracing

responsible AI use can enhance efficiency, reduce manual workloads, and improve

oversight. Technology modernization will also support innovation in the markets

the agency regulates, ensuring that internal capabilities keep pace with external

developments.

Objective 3.3: Enhance our high-performance workplace culture.

A results-driven culture requires clear expectations, accountability, and continuous

improvement. Reforms to performance management systems—aligned with federal

directives—will ensure that staff are evaluated based on meaningful outcomes. Internal

performance reporting should incorporate key performance indicators that reflect

both resource stewardship and program success. These efforts will foster a culture of

excellence, transparency, and public service.

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How We Developed This Plan

In developing the Strategic Plan, the SEC took into account the information gleaned from

meetings with the many external parties with which the agency interacts on a regular

basis, including members of Congress and congressional committees, investors, businesses,

financial market participants, academics, and other experts and stakeholders. This includes

formal outreach efforts through the SEC’s Investor Advisory Committee and Small Business

Capital Formation Advisory Committee, Commission-sponsored roundtables focused

on specific issues, the agency’s Annual Small Business Forum, and solicitations of public

comments on Commission rule proposals and strategic plans.

The SEC values independent, high-quality assessments of our performance against our goals

and desired strategic objectives. Such assessments help to measure our progress so that

we can take action, as needed, to refine our programs or allocate resources accordingly.

Additionally, the SEC considered the findings from recent independent audits and

evaluations of the agency’s performance conducted by the Government Accountability Office

and the SEC’s Office of Inspector General. The SEC also considered the results of internal

assessments and evaluations of the agency’s performance, including those reported in the

agency’s Annual Performance Report. In the coming years, the SEC will continue to draw on

evaluations from a variety of sources to improve our programs.

While the initiatives outlined in this Strategic Plan are intended to address our top priorities

over the next four years, it must be mentioned that there are, of course, risks to, and

limitations on, our ability to achieve our strategic goals. Some of these risks and limitations

are operational in nature, such as those pertaining to key technology systems or oversight

of outside vendors who support SEC programs, and other risks that result from external

sources, such as new forms of fraud, evolution of financial products, or changes to funding

levels and the availability of qualified personnel. Accordingly, the SEC continues to build our

enterprise risk management program, supported by representatives from SEC divisions and

offices, to strengthen our ability to proactively identify, assess, and mitigate risks to attaining

our mission. We also are committed to developing and strengthening our human capital.

We firmly believe that the SEC’s continued commitment to enterprise risk management and

human capital management will strengthen our ability to achieve the ambitious goals set

forth in this Plan.

12 | U.S. Securities and Exchange Commission

U .S . SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549