All five Security and Exchange Commission (SEC) commissioners are scheduled to speak at the Annual Government-Business Forum on Small Business Capital Formation on Thursday (November 20th) from 9 a.m. to 5:30 p.m. It is expected that they will release significant news on Title III and Title IV.
As additional evidence that the SEC is scrambling to move quickly, just last Thursday they hurriedly scheduled the Small Business Capital Raising event on Wednesday, (November 19th) from 3 to 4:30 p.m. This meeting is specially intended for outreach to small businesses, minorities, women and veterans on the new crowdfunding rules.
Ron Miller, CEO of StartEngine Crowdfunding, anticipates big news form the SEC. “It is clear the SEC recognizes the broad, powerful and positive impact that Title III has on creating high quality jobs and keeping America at the forefront of innovation and technology. We are indeed very close to realizing the potential of raising capital under Title III. The law is on the books, the draft rules have been promulgated, the comment period has opened and closed and Chair White has gone on record several times this year stating that Title III is a high priority to the Commission. With Congress taking a proactive stance, and the SEC making legitimate moves, we are on the brink of a monumental change.”
These SEC developments are a reaction to a new Republican controlled Congress. In the past 90 days, over 175 potential Title III issuers and investors have submitted SEC comment letters, enforcing that Title III is nothing less than the most significant advancement for entrepreneurship in a generation and the greatest impediment to launching new companies, creating new jobs and bringing important new technologies to the market is the barrier created by lack of startup and growth capital. In September, 26 members of the house penned a letter to the Chair, also requesting that the SEC publish the Title III rules, as promised over a year ago. In addition, two senators, Mark Warner and Jerry Moran, have recently submitted supportive letters, and others are expected to follow.
Both SEC events will be held at the U.S. Securities and Exchange Commission, 100 F Street N.E., Washington, D.C. 20549 and both are open to the public. In addition, Crowdfund Intermediary Regulatory Advocates (CIFRA) is hosting the 2nd Annual Regulatory and Advocacy Summit on Friday, November 21st, from 8:00 a.m. to 1:00 p.m. at The Hart Building on Capitol Hill, Constitution Avenue Northeast & 2nd Street N.E., Washington, D.C. 20002. The purpose of this event is to allow guests to network with crowdfunding advocates, members of Congress, policymakers and industry thought leaders. The event will feature panels on post-election review of outcomes and how it could affect regulations, crowdfinance data and Title III and Title IV regulatory and industry updates.