The Securities and Exchange Commission (SEC) has announced that the Small Business Capital Formation Advisory Committee (SBCFAC) has scheduled a meeting to take place on September 19th. This is only the second meeting following the Commission’s change of members on SBCFAC. An agenda is not yet available.
SBCFAC was created to advocate on behalf of smaller firms that need to access growth capital to expand operations and grow. Frequently, smaller firms are ignored or are just lumped together under rules designed to regulate large firms – making it more difficult for smaller firms to become successful.
The first meeting of the refreshed Committee this past June focused on the state of small business and access to capital as well as potential areas of future focus, including funding gaps pertaining to underserved communities.
The previous Committee members sent a letter to the Commission after their final meeting expressing their concern that “too many small companies will be at risk of dying on the vine” unless the Commission did more to improve access to capital, streamline regulations, and improve the exempt offering ecosystem. Unfortunately, the current Commission has largely ignored these recommendations, leading some insiders to describe the SEC as the ant-capital formation Commission. It will be interesting to see if the SBCFAC continues to advocate on behalf of smaller firms vocally.
CI will update on the forthcoming meeting once the Agenda is made available.
