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Small Business Capital Formation Advisory Committee

Feb. 27, 2024

The SEC Small Business Capital Formation Advisory Committee was established by the SEC Small Business Advocate Act of 2016, and is designed to provide a formal mechanism for the Commission to receive advice and recommendations on Commission rules, regulations and policy matters relating to small businesses, including smaller public companies. The Committee meets quarterly, and all meetings are open to the public. If you are interested in serving on the Small Business Capital Formation Advisory Committee, please email a letter of interest with applicable information about your relevant experience.

The Committee succeeds the SEC’s former Advisory Committee on Small and Emerging Companies, whose term expired in 2017.

SBCFAC group photo
Committee members at the SEC Headquarters in Washington, D.C. following the June 14, 2023 meeting.

Committee Members



Wemimo Abbey
Co-Founder and Co-CEO, Esusu; Los Angeles, CA
Donnel Baird

Founder and CEO, BlocPower LLC; Brooklyn, NY
William M. Beatty*
Securities Administrator of the Washington State Securities Division; Olympia, WA
Stacey Bowers
Director, SEC Office of the Advocate for Small Business Capital Formation; Washington, DC
George Cook
Co-Founder and CEO, Honeycomb Credit; Pittsburgh, PA
Vincent Cordero
Partner, Co-CEO, and Chief Business Officer, Mucho Mas Media; Miami, FL
Marcia Dawood
Venture Partner, Mindshift Capital; Charlotte, NC
Greg Dean*
Senior Vice President of the Office of Government Affairs, FINRA; Washington, DC
Bailey DeVries*
Associate Administrator for the Office of Investment & Innovation; U.S. Small Business Administration
Washington, DC
Bart Dillashaw
Founder, Enterprise Legal Studio; Omaha, NE
Herbert Drayton III
Founder and Managing Partner, HI Mark Capital; Charleston, SC
Erica Duignan
Chair, Founder & General Partner, Reign Ventures; New York, NY
Diego Mariscal
Founder, CEO, and Chief Disabled Officer, 2Gether-International; Washington, DC
Laura Niklason
Founder, President, and CEO, Humacyte; Durham, NC
Davyeon Ross Assistant Secretary, Co-Founder and President, DDSports/ShotTracker
Overland Park, KS
Jasmin Sethi
Secretary, Founder and CEO, Sethi Clarity Advisers; Philadelphia, PA
Aren Sharifi
Attorney, Kutak Rock LLP; Denver, CO
Marc Oorloff Sharma*
Assistant Director and Chief Counsel of the Office of the Investor Advocate, U.S. Securities & Exchange Commission; Washington, DC
Dennis R. Sugino Founder, Kansa Advisory LLC; Huntington Beach, CA
Sue Washer Vice Chair, Founder and Former CEO, Applied Genetic Technologies Corporation; Gainesville, FL

*Committee members include the SEC’s Advocate for Small Business Capital Formation and three non-voting members appointed by each of the SEC’s Investor Advocate, the North American Securities Administrators Association (NASAA), and the Small Business Administration, as well as an observer appointed by the Financial Industry Regulatory Authority (FINRA).

Recommendations of the Small Business Capital Formation Advisory Committee

The Committee has adopted the following recommendations:


February 27, 2024

November 29, 2023

September 19, 2023

June 14, 2023

February 7, 2023

August 2, 2022

May 6, 2022

February 10, 2022

November 16, 2021

September 27, 2021

April 30, 2021

January 29, 2021

November 9, 2020

August 4, 2020

May 8, 2020

April 2, 2020 (video conference)

February 4, 2020

December 11, 2019, 11:00 a.m. (Telephone Meeting)

November 12, 2019

August 13, 2019

May 6, 2019

Public Comments

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