In his first appearance as the Chair of Securities and Exchange Commission, Jay Clayton delivered a brief statement to the members of the Advisory Committee on Small and Emerging Companies (ACSEC). At the meeting, which took place today (May 10, 2017), Clayton told all in attendance that access to capital would be an important mission during his tenure at the Commission. Clayton stated;
“Facilitating capital formation is one of the central tenets of the SEC’s mission and it is a focus that this committee and I share. One of my priorities is for the Commission to focus on facilitating capital-raising opportunities for all companies, including, and importantly, small- and medium-sized businesses. Doing so will not only help those companies, but it also will provide expanded opportunities for investors, help our economy grow, facilitate innovation, and further job creation.”
“As I mentioned during my confirmation hearing, I understand the many challenges facing small- and medium-sized businesses, as well as the importance of those businesses to our local economies and, collectively, our national economy. I appreciate your willingness to share your knowledge and insights about smaller and emerging companies and the challenges they face.”
Clayton commented on the ACSEC agenda saying the topics of Finders, the underwriting of small offerings and the tick size pilot were items he expected to take action on. Clayton welcomed the Committee’s recommendations.
Clayton joins the Commission at a critical time as most people believe the regulatory pendulum has swung too far thus harming both consumers and businesses. Expectations are heightened for a Commission that is more sensitive to the needs of business, specifically smaller firms.