SEC Announces Members of Small Business Capital Formation Advisory Committee

The Securities and Exchange Commission (SEC) has announced the new members of the Small Business Capital Formation Advisory Committee. The Committee will hold its first meeting on Monday, May 6, 2019, at the SEC’s headquarters in Washington, D.C. The Committee replaces the Advisory Committee on Small and Emerging Companies, whose term expired in 2017.

The Committee is part of the SEC Small Business Advocate Act of 2016 which was signed into law during the tail end of the Obama administration. The policy directive is to establish a solid voice for small business at the SEC – a voice that has in the past been largely ignored.

In early 2019, the SEC announced the selection of the very first Advocate. Martha Miller, an attorney from Alabama and part of the Committee, was appointed to provide assistance to small businesses, conduct outreach to better understand the obstacles small businesses face when attempting to access the capital markets. She will also be making recommendations to the Commission.

SEC Chairman Jay Clayton and Commissioners Robert Jackson, Hester Peirce, and Elad Roisman issued a joint statement:

“We are excited to have this important advisory Committee up and running.  As the Commission continues to focus on facilitating capital-raising opportunities for small- and medium-sized businesses and expanding investment opportunities for retail investors, input and expertise from such an experienced and diverse set of companies, entrepreneurs, and investors will be invaluable.”

Commission-appointed Committee members include:

  • Robert Fox – National Managing Partner, Professional Standards Group, Grant Thornton LLP; Chicago, IL
  • Carla Garrett – Corporate Partner, Potomac Law Group PLLC; Washington, DC
  • Stephen Graham – Co-Chair, Fenwick & West LLP’s Life Sciences Practice; Seattle, WA
  • Sara Hanks – CEO and Co-Founder, CrowdCheck, Inc.; Alexandria, VA
  • Youngro Lee – CEO and Co-Founder, NextSeed; Houston, TX and President of the Association for Online Investment Platforms
  • Brian Levey – Chief Business Affairs and Legal Officer, Upwork Inc.; Mountain View, CA
  • Terry McNew – President and CEO, MasterCraft Boat Holdings; Vonore, TN
  • Sapna Mehta – General Counsel & Chief Compliance Officer, Rise of the Rest Seed Fund; Associate General Counsel, Revolution; Washington, DC
  • Karen Mills – President, MMP Group, Inc.; Boston, MA
  • Catherine Mott – Founder and CEO of BlueTree Capital Group, BlueTree Allied Angels, and BlueTree Venture Fund; Pittsburgh, PA
  • Poorvi Patodia – CEO and Founder, Biena Snacks; Allston, MA
  • Jason Seats – Chief Investment Officer, Techstars; Austin, TX
  • Jeffrey M. Solomon – Chief Executive Officer, Cowen, Inc.; New York, NY
  • Hank Torbert – President, AltaMax, LLC; New Orleans, LA
  • Gregory Yadley – Partner, Shumaker, Loop & Kendrick, LLP; Tampa, FL

Committee members will also include the SEC’s Advocate for Small Business Capital Formation, Martha Legg Miller, and three non-voting members appointed by each of the SEC’s Investor Advocate, the North American Securities Administrators Association (NASAA), and the Small Business Administration (SBA).

The Committee will also have an observer appointed by the Financial Industry Regulatory Authority (FINRA).

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