SEC Small Business Capital Formation Advisory Committee Posts Meeting Agenda

The Securities and Exchange Commission (SEC), Small Business Capital Formation Advisory Committee (SBCFAC), has posted its agenda for its next meeting.

The Committee was created by law to advise the Commission on issues, including rules and regulations that impact small businesses, providing valuable feedback as to how the SEC can serve smaller firms better, most importantly in regard to access to capital.

According to a statement by the SEC, the meeting will start by reviewing revenue-based financing and other alternatives to traditional bank or VC money and then discuss the SEC’s litany of rule proposals related to private fund advisors, which may impact early-stage venture capital funds.

Later in the day, the Committee will examine the current availability of public company investment research prepared by broker-dealer firms, and the impact its availability has on liquidity for smaller public companies.

In the past couple of years, the SBCFAC has emerged as a stout proponent in advocating on behalf of small businesses, which too frequently are ignored by the Commission. The Committee has provided multiple recommendations on issues such as rationalizing the definition of accredited investors, finders, maintaining the streamlined process for Reg D offers, SPACs, and more. Unfortunately, the current leadership of the Commission has not acted on these common-sense recommendations.

The meeting is scheduled for 10 AM ET, Tuesday, February 7, 2023, and will be live-streamed on the SEC’s website.

The agenda is available below.


SBCFAC Meeting

10:00   Call to Order; Introductory Remarks by Commissioners

10:15   Committee Members’ Outlook: Challenges and Opportunities for Small Businesses Raising Capital in 2023

10:40  Smaller Private Companies: Alternatives to Traditional Financing

The Committee will explore revenue-based financing and other alternatives to traditional bank and VC funding for small and mid-size companies that have not gone public.

Speakers

11:40   SEC Proposal on Private Fund Reforms

In February 2022, the Commission proposed new rules and amendments related to the regulation of private fund advisers. The Committee will hear how the proposal may impact venture capital funds and engage in discussion about the proposal.

Speakers

12:40   Executive Session and Lunch Break

1:45     Smaller Public Companies: The Role of Equity Research 

The Committee will discuss the current availability of public company investment research prepared by broker-dealer firms, including what impact its availability has on liquidity for smaller public companies, who uses and pays for the analysis, how that analysis reaches investors, including retail investors, and the value of that research for investors.

Speakers

3:00     Parting Perspectives

As a number of Commission-appointed Committee members conclude their four-year terms, the Committee will discuss providing a letter to the Commission to express their parting recommendations.

3:30     Wrap-up and Adjournment


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