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Small Business Capital Formation Advisory Committee Meeting – Virtual
February 23 @ 10:00 am - 3:30 pm EST
The SEC’s Small Business Capital Formation Advisory Committee is holding a public meeting about matters relating to rules and regulations affecting small and emerging businesses and their investors under the federal securities laws.
This meeting was originally scheduled to take place at SEC headquarters, but due to inclement weather and its impact on travel, the meeting will only be held virtually. Members of the public may watch the webcast that will appear on this webpage.
AGENDA
| Time | Description |
|---|---|
| 10:00 am | Call to Order; Introductory Remarks by Commissioners |
| 10:20 am | Deep Dive on “Finders” Continued
In furtherance of the Committee’s discussion on July 22, 2025, the Committee will continue its exploration of issues surrounding “finders.” As part of this discussion, the Committee will deliberate on potential regulatory improvements to the framework that could permit certain “finders” to engage in additional capital-raising activities. Speaker: • Steven Jafarzadeh, Chief Compliance Officer and Partner, Stonehaven |
| 12:00 pm | Lunch |
| 1:00 pm |
Update from the SEC’s Office of the Advocate for Small Business Capital Formation
The SEC’s Office of the Advocate for Small Business Capital Formation will provide an overview of the Office’s FY2025 Staff Report, which includes in-depth data on the state of capital raising activity from startup to small cap. |
| 1:15 pm | Shedding Light on the Private Secondary Market
As the IPO and M&A markets have shifted, the private secondary market has grown to fill liquidity needs and meet investor demand. Continuation funds are becoming more prevalent, and the rise of special purpose vehicles allow LPs, VCs, and other strategic investors to find exits and rebalance their portfolios through the private markets. Additionally, startups are using private tender offers to attract/retain talent. Committee members will hear from experts and industry participants in this space to better understand the data, deal flow drivers, trends, opportunities, and challenges that stem from the growth and normalization of private secondary transactions. Speakers: • Emily Zheng, Senior Research Analyst, Venture Capital, Pitchbook |
| 3:30 pm | Wrap-up and Adjournment |