About the Committee

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 here.

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
    Professor, University of Denver Sturm College of Law; Of Counsel, 3Pillars Law, PLLC; Denver, CO
  • 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
    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
    Co-Founder and President, DDSports/ShotTracker
    Overland Park, KS
  • Jasmin Sethi
    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
    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 Committee

The Committee has adopted the following recommendations:

Parting Perspectives Letter (February 28, 2023)

Private Fund Proposal (February 28, 2023)

Availability of Public Company Research (February 28, 2023)

Entrepreneurial Ecosystems (October 13, 2022)

Becoming a Public Company (October 13, 2022)

Regulation A Secondary Market Liquidity (August 2, 2022)

SPACs Proposal (May 6, 2022)

Climate-Related Disclosure Proposal (May 6, 2022)

Accredited Investor (February 10, 2022)

Encouraging Small, Regional Funds (April 30, 2021)

Finders (November 9, 2020)

Underrepresented Founders and Investors (August 4, 2020)

Capital Formation Proposal (May 8, 2020)

Harmonization General Principles (December 11, 2019)

Regulation Crowdfunding (December 11, 2019)

Accredited Investor (November 12, 2019)

Retail Investor Access to Registered Closed-End Funds Investing in Private Funds (November 12, 2019)

Accelerated Filer Definition (August 13, 2019)

Financial Disclosure Requirements Relating to Acquisition and Dispositions of Businesses (August 13, 2019)

Meeting Materials

Meeting archives, including agendas, presentation materials, transcripts, and webcast recordings, are available here.

Submit Comments

Members of the public may submit comments to the Committee.

Organization

Charter
Statute
Bylaws

News

SEC Small Business Advisory Committee to Discuss Funding for Early-Stage Companies and Alternative Funding for Small Businesses
Sept. 13, 2023

Small Business Advisory Committee June Meeting to Focus on Capital Raising and Reducing Funding Gaps for Underrepresented Founders
Jun. 2, 2023

SEC Announces New Members of Small Business Capital Formation Advisory Committee
May 4, 2023 

Small Business Advisory Committee to Host Meeting to Discuss Alternatives to Traditional Private Company Financing, Private Fund Reforms, and Public Company Investment Research
Jan. 31, 2023

SEC Seeks Candidates for Small Business Capital Formation Advisory Committee
Jan. 20, 2023

Small Business Advisory Committee to Host Meeting to Discuss Entrepreneurship Hubs and the IPO Market
Oct. 6, 2022

SEC Small Business Advisory Committee to Discuss Liquidity Challenges for Investors in Small and Emerging Businesses
July 27, 2022

Small Business Advisory Committee to Host Virtual Meeting to Discuss Proposed Rules on Climate Disclosures and SPACs
April 29, 2022

SEC Advisory Committee Meeting to Explore Small Business Investment Issues
Feb. 7, 2022

Entrepreneurship in Rural and Under-Resourced Areas on Agenda for Small Business Capital Formation Advisory Committee Meeting
Nov. 10, 2021

Changing Dynamics Pre-IPO and Going Public on the Agenda for the SEC’s Small Business Capital Formation Advisory Committee
Sept. 21, 2021

Increasing Opportunities for Underrepresented Founders and Investors on the Agenda for the SEC Small Business Capital Formation Advisory Committee Meeting on April 30
April 26, 2021

Small Business Capital Formation Advisory Committee Jan. 29 Meeting to Focus on Smaller Public Company Markets
January 22, 2021

SEC Issues Agenda for Nov. 9 Meeting of the Small Business Capital Formation Advisory Committee
November 3, 2020

SEC Announces New Small Business Capital Formation Advisory Committee Members
August 4, 2020

Small Business Capital Formation Advisory Committee Aug. 4 Meeting to Focus on How Capital Markets Are Serving Underrepresented Founders
July 29, 2020

Small Business Capital Formation Advisory Committee to Discuss the SEC’s Capital Formation Proposal on May 8
April 28, 2020

SEC Announces Ad Hoc Meeting of Small Business Capital Formation Advisory Committee in Response to COVID-19 Challenges Faced By Small Businesses
March 31, 2020

SEC Issues Agenda for February 4 Meeting of Small Business Capital Formation Advisory Committee
Jan. 28, 2020

SEC Issues Agenda for Dec. 11 Meeting of Small Business Capital Formation Advisory Committee
Dec. 4, 2019

SEC Issues Agenda for Nov. 12 Meeting of Small Business Capital Formation Advisory Committee
Nov. 6, 2019

SEC Announces Aug. 13 Meeting of Small Business Capital Formation Advisory Committee
July 9, 2019

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