The Securities and Exchange Commission (SEC), Small Business Capital Formation Advisory Committee (SBCFAC), has scheduled its first meeting of 2023.
The meeting, set for February 7, 2023, at 10 AM, does not yet have a posted agenda with the notice indicating that the “meeting includes matters relating to rules and regulations affecting small and emerging businesses and their investors under the federal securities laws.”
SBCFAC is a statutorily created Committee under the SEC Small Business Advocate Act of 2016. The Committee meets quarterly to discuss how the SEC can improve the environment for smaller firms in regard to capital formation and securities law.
Recently, the SEC announced that it is seeking new members for the Committee as some members cycle out. Typically, individuals with boots-on-the-ground experience with SMEs and access to capital are the representatives best able to serve.
In the past, the Committee has provided important feedback and advice to the Commission on issues such as the definition of an accredited investor, exempt securities offerings, SPACs, and secondary trading in private securities. In the past year, the Commission has acknowledged the guidance but has steered clear of pursuing the recommendations that aim to help smaller firms.
An agenda should be available in the coming days.
The meeting will be live-streamed on the SEC website and available to the public.