The following videos are from the Office of the Advocate for Small Business Capital Formation and are meant to provide a high-level summary of the relevant policy or rulemaking.
How to Comment
How to Comment: Engage in the Rulemaking Process
The SEC’s Office of the Advocate for Small Business Capital Formation breaks down how easy it can be to comment on proposed rulemakings.
Learn more about how to submit comments.
Recent Policy and Rulemaking Highlights
Private Fund Adviser Rules
On August 23, 2023, the SEC adopted rules that expand the restrictions and requirements that apply to private fund advisers. Read the press release.
Related Information
- This chart provides an overview of the new rules.
JOBS Act Inflation Adjustments
On September 9, 2022, the SEC adopted amendments to Regulation Crowdfunding and the definition of Emerging Growth Company to implement inflation adjustments mandated by the JOBS Act. Read the press release.
Related Information
- This infographic highlights the changes.
SPACs, Shell Companies, and Projections Proposal
On March 30, 2022 the SEC proposed rules that impact SPACs, shell companies, and projections disclosure. Read the press release.
Related Information
Climate-Related Disclosures Proposal
On March 21, 2022 the SEC proposed new rules requiring certain climate-related disclosures. Read the press release.
Related Information
Proposals to Modernize Equity-Based Compensation (Rule 701 & Form S-8)
On November 24, 2020, through two rule proposals, the SEC proposed changes to exempt offering Rule 701 and Form S-8, which are the primary methods through which companies issue equity compensation, that would change how and to whom equity compensation can be issued. Press releases for both proposals are as follows: temporary platform worker ("gig economy") proposal and other proposed amendments.
Related Information
Amendments to the Exempt Offering Framework
On November 2, 2020, the SEC adopted changes to the exempt offering framework that are intended to harmonize, simplify, and improve the tools used by businesses and their investors when raising capital, whether to support a start-up raising its first round of funding or a company preparing to one day conduct an initial public offering. Read the press release.
Related Information
- Overview chart of Amended Capital-Raising Exemptions
- Capital Formation Proposal video and press release
- Harmonization Concept Release video and press release
Finders Proposed Exemptive Order
On October 7, 2020, the SEC proposed a conditional exemption to permit “finders” to engage in limited activities on behalf of businesses seeking to raise investment capital without having to register as a broker. These so-called "finders," who may identify and in certain circumstances solicit potential investors, help to bridge the gap between small businesses that need capital and investors who are interested in supporting them. Read the press release.
Related Information
- Comparative overview chart illustrating key permissible activities of Finders.
- Submit comments on S7-13-20. Comments received for this proposed exemptive order are available here.
Accredited Investor Amendments
On August 26, 2020, the SEC adopted amendments that update the accredited investor definition, adding additional means for individuals and entities to be eligible to invest in the private capital markets. These changes became effective on December 8, 2020. Read the press release.
Related Information
- Compliance Guide
- Accredited Investor Proposal video and press release
COVID-19 Crowdfunding Relief
On May 4, 2020, the SEC announced that it is providing temporary, conditional relief for companies to raise capital via Regulation Crowdfunding. The temporary rules are intended to expedite the offering process for smaller, previously established companies affected by COVID-19 that are seeking to meet their funding needs through a crowdfunding offering. Read the press release and accompanying summary chart. After considering the feedback on the temporary relief, the Commission extended the relief for offerings initiated through February 2021. In addition, in the Amendments to the Exempt Offering Framework highlighted above, the SEC extended the $250,000 financial statement threshold through August 2022.
Accelerated Filer Amendments (404(b))
On March 12, 2020, the SEC adopted amendments that tailor the accelerated and large accelerated filer definitions, impacting which companies must provide the Sarbanes-Oxley Rule 404(b) independent auditor attestation of their internal controls over financial reporting. Read the press release.
Related Information
- Compliance Guide
- Accelerated Filer Proposal video and press release
Archives
Private Funds Proposal
Capital Formation Proposal
Modernizing the Rule Governing Quotations for Over-the-Counter Securities
(Rule 15c2-11)
Accredited Investor Proposal
Comment on Ways to Harmonize the Exempt Offering Framework
Accelerated Filer Proposed Amendments (404(b))
Simplifying the M&A Accounting Rules (3-05)
Modified: Sept. 13, 2023