According to online reports, US SEC Chairman Paul Atkins delivered a speech at the Investor Advisory Committee meeting. Paul Atkins said he asked the SEC to approve a concept announcement to collect public feedback on whether the standard should be updated to reflect the evolution of financial markets and corporate legal structures. The SEC welcomes foreign companies seeking access to U.S. capital markets. Our goal is to better understand the impact of major changes in the number of foreign companies listed in the United States over the past two decades on U.S. investors and U.S. markets. Notable changes include the composition of foreign companies reported to the SEC and the trend of incorporation in jurisdictions other than where companies are headquartered and operated, such as the Cayman Islands, which are subject to governance frameworks that involve shareholder interests. Given these changes, I think we need to think about whether the SEC's original basis for providing special facilities to foreign companies and current standards are still reasonable. Meanwhile, today's second panel discussion will explore the regulatory framework for managing retail investors 'access to private market assets. Specifically, from 2002 to recently, closed-end funds that invested 15% or more of their assets in private equity funds were limited to investors who met the qualified investor criteria. As a result, for more than two decades, retail investors without qualified investors have lacked access to private equity. The committee is exploring ways to promote individual investors 'participation in private markets while protecting these investors from bad actors and fraud. Investors have demand for these products. But we must also put in place appropriate guardrails to guide pensions and other funds to be invested rationally in these private investment vehicles.