SEC ACSEC Meeting to Review Reg A+, Elio Motors Experience

Paul ElioThe SEC Advisory Committee on Small and Emerging Companies (ACSEC) has published its agenda for its meeting next week and it should be a more interesting gathering.

As part of the ACSEC program, the SEC Division of Corporate Finance will deliver an update on the utilization of Regulation A+, as enacted under Title IV of the JOBS Act, and the first year’s results.  The update will also include a presentation by Paul Elio, CEO and Chairman of Elio Motors, a company that raised almost $17 million under Reg A+.  Elio then proceeded to list its shares on the OTC Markets OTCQX making it the first crowdfunded security to go from public solicitation under Reg A+ to a publicly traded security.  Daniel Zinn, General Counsel of OTC Markets, will also present on secondary trading of Reg A+ shares.

Elio Motors, for individuals unaware of the firm, is a manufacturer of a three-wheel vehicle that seeks to provide affordable and economical transportation to the masses. The vehicle expects to begin production at some point in the coming months.

Mary Jo White ACSEC MeetingBeyond the Reg A+ update, ACSEC will consider the definition of an “Accredited Investor, as discussed during their previous meeting in May. There will also be a review of the proposal to amend the “Smaller Reporting Company” definition.

The ACSEC meeting will be held at the SEC offices in Washington, DC and is open to the public. The SEC will also be live-streaming the event on the SEC website. The meeting will commence at 930AM on Tuesday, July 19th.

The entire agenda is reproduced below.

AGENDA

9:30 a.m. Co-Chairs Stephen Graham and Sara Hanks call meeting to order

  • Introductory Remarks by Chair Mary Jo White and Commissioner Kara Stein

10:00 a.m. Consider “Accredited Investor” Definition Recommendation as discussed at May 18th Meeting

10:30 a.m. Regulation A+ Update and Review

  • Update from SEC Division of Corporation Finance staff on the usage of Regulation A+ in its first year
  • Presentation from Paul Elio, CEO and Chairman of Elio Motors Inc., a company that conducted a Regulation A+ offering
  • Discussion by Committee Members

12:00 p.m. Lunch Break1:30 p.m.

1:30 p.m. Regulation A + (Continued)

  • Presentation by Daniel Zinn, General Counsel, OTC Markets Group regarding secondary trading of Regulation A+ shares

2:30 p.m. SEC Proposal to Amend the “Smaller Reporting Company” Definition

  • Briefing from SEC Division of Corporation Finance staff regarding the Commission’s proposal issued June 27, 2016 to amend the “Smaller Reporting Company” Definition
  • Discussion by Committee Members

3:30 p.m. Adjournment

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