Good afternoon, ladies and gentlemen. It is a pleasure to join you for the fourth and final Investor Advisory Committee meeting of 2025. Before I share a few reflections, I must note that the views I express here today are my own and do not necessarily reflect those of the SEC as an institution or of the other Commissioners. Of course, I also want to thank each of you for the time, expertise, and spirited commitment that you brought to the Committee this year. Your work is essential—our markets prosper when investors have confidence that our rules are fair, our processes are predictable, and our regulators are not ... (full story)