On November 3rd, the SEC released the agenda for the upcoming meeting of the Small Business Capital Formation Advisory Committee, which is to be held on Monday, November 9, 2020. The event will take place from 10:00 a.m. through 2:30 p.m. ET and will be presented live via webcast on
sec.gov for public viewing. The video conference will also be archived on the SEC’s webpage for later viewing.
Committee members will review the SEC’s recent proposal to establish a limited, conditional exemption from broker registration requirements for “finders” who help companies to raise capital in private markets from accredited investors. The SEC’s Office of the Advocate for Small Business Capital Formation, which supports the Committee, published educational resources regarding the proposed exemptive order for finders, which includes an overview video and a chart that explains key permissive activities of the proposed Tier I and Tier II Finders. The Small Business Capital Formation Advisory Committee will also discuss the subject of small businesses coping with the COVID-19 pandemic and share observations from their areas of the marketplace.
The Committee was established to provide the SEC with recommendations and advice on SEC regulations, rules, and policy matters concerning small businesses, ranging from privately held emerging companies to smaller public companies. The Committee recently made the SEC aware of several relevant policy and rulemaking priorities, offering useful marketplace feedback for the regulatory process.
Members of the public may submit remarks on the topics being considered by the Committee by sending comments electronically via the SEC’s internet submission form or by emailing submissions to rule-comments@sec.gov. Paper submissions may be mailed to Vanessa A. Countryman, Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. Submissions should refer to File Number 265-32, and if email is used, the file number should appear on the subject line. Please choose only one submission method for comments. For further details, contact Julie Z. Davis, Senior Special Counsel, Office of the Advocate for Small Business Capital Formation, at (202) 551- 5407, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549- 3628. Written statements should be received on or before November 9, 2020. Information that is submitted will become part of the meeting’s public record and posted on the SEC’s website at sec.gov.
For more information on the Committee, including a list of its members, visit its webpage.
| 10:00 a.m. |
Call to Order; Introductory Remarks by Commissioners |
| 10:20 a.m. |
Proposed Conditional Exemption from Broker Registration Requirements for
Certain Activities of Finders
On October 7, the Commission proposed a new limited, conditional exemption from broker registration requirements for “finders” who assist companies with raising capital in private markets from accredited investors. SEC staff from the Division of Trading and Markets will provide a summary overview of the proposal and then the Committee will engage in discussion about the proposal and deliberate on potential recommendations. |
| 12:00 p.m. |
Lunch Break |
| 1:00 p.m. |
COVID-19 Updates, Observations, and Discussion
Since the onset of the COVID-19 pandemic, the Committee has engaged in multiple discussions about how the Committee and the Commission can help small businesses address their ongoing capital needs. Members will share observations from their areas of the marketplace. |
| 2:15 p.m. |
Future Topics
Members will discuss topics and ideas for future areas of focus for the Committee and Committee meetings. |
| 2:30 p.m. |
Wrap-up and Adjournment |
Sources:
SEC Issues Agenda for Nov. 9 Meeting of the Small Business Capital Formation Advisory Committee (sec.gov)
Agenda: Meeting of SEC Small Business Capital Formation Advisory Committee Proposed Conditional Exemption for Finders; COVID-19 Updates and Discussion (sec.gov)
Small Business Capital Formation Advisory Committee (sec.gov)
