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U.S. Securities and Exchange Commission

SEC Announces Formation of Advisory Committee on Small and Emerging Companies


Washington, D.C., Sept. 13, 2011 — The Securities and Exchange Commission today announced the formation of the Advisory Committee on Small and Emerging Companies to focus on interests and priorities of small businesses and smaller public companies.

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The committee is intended to provide a formal mechanism through which the Commission can receive advice and recommendations specifically related to privately held small businesses and publicly traded companies with less than $250 million in public market capitalization.

“Our capital markets are a critical source of funding for emerging companies and smaller public companies,” said SEC Chairman Mary Schapiro. “That is why a key component in our agency’s mission is to facilitate capital formation while at the same time protecting investors. This new advisory committee will increase the input we receive from the small business community.”

The advisory committee will advise and consult with the Commission on such issues as:

  • Capital raising through private placements and public securities offerings.
  • Trading in the securities of small and emerging and small publicly traded companies.
  • Public reporting requirements of such companies.

The co-chairpersons of the committee are Stephen M. Graham, Partner at Fenwick & West LLP in Seattle, and M. Christine Jacobs, CEO and Chairman at Theragenics Corp. in Buford, Ga.

Other committee members include:

  • David A. Bochnowski, Chairman and CEO, Northwest Indiana Bancorp, Munster, Ind.
  • John J. Borer III, Senior Managing Director and Head of Investment Banking, Rodman & Renshaw LLC, New York, N.Y.
  • Dan Chace, Manager, Wasatch Micro Cap Fund, Salt Lake City, Utah
  • Milton Chang, Managing Director, Incubic Venture Fund, Menlo Park, Calif.
  • Joseph (Leroy) Dennis, Partner, McGladrey & Pullen, Bloomington, Minn.
  • Shannon L. Greene, CFO, Tandy Leather Factory, Fort Worth, Texas
  • Kara B. Jenny, CFO, BlueFly Inc., New York, N.Y.
  • Steven R. LeBlanc, Senior Managing Director of External Private Market, Teacher Retirement System of Texas, Austin, Texas
  • Richard L. Leza, Chairman of the Board, Exar Corp., Fremont, Calif.
  • Paul Maeder, General Partner, Highland Capital Partners, Lexington, Mass.
  • Kathleen A. McGowan, Vice President - Finance, Tobira Therapeutics Inc., Manalapan, N.J.
  • Catherine V. Mott, CEO and Founder, Blue Tree Capital Group, Pittsburgh, Pa.
  • Karyn Smith, Deputy General Counsel, Zynga Inc., San Francisco, Calif.
  • Dan Squiller, CEO, PowerGenix, San Diego, Calif.
  • Charlie Sundling, Chairman and CEO, Pipeline Software, Orange County, Calif.
  • Timothy Walsh, Director, State of New Jersey Division of Investment, Trenton, N.J.
  • Gregory C. Yadley, Partner, Shumaker, Loop & Kendrick LLP, Tampa, Fla.

The committee also will include as observer members:

  • Sean Greene, Associate Administrator for Investment and Special Advisor for Innovation, U.S. Small Business Administration
  • A. Heath Abshure, Arkansas Securities Commissioner and Chairman of the Corporation Finance Section of the North American Securities Administrators Association.

The SEC regularly takes steps to reduce the regulatory burdens on small businesses in raising capital in a manner consistent with investor protection. The committee will provide the Commission with advice in connection with this important ongoing process.

Recently, the staff of the Commission began a review of the SEC’s rules related to the triggers for public reporting and rules restricting general solicitation in private securities offerings. The Commission will seek input from the committee in these two areas among others.

The SEC also is in the process of re-establishing an Investor Advisory Committee. That committee, mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act, would replace an earlier Investor Advisory Committee that the Commission had set up in June 2009 under the Federal Advisory Committee Act.



Modified: 09/13/2011