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U.S. Securities and Exchange Commission

SEC Government-Business Forum on
Small Business Capital Formation

SEC Headquarters
Washington, D.C.
November 19, 2009


9:00 a.m.

Opening Remarks
SEC Chairman Mary L. Schapiro

9:15 a.m.

Panel Discussion: The State of Small Business Capital Formation*


Gerald J. Laporte, Chief, Office of Small Business Policy,
SEC Division of Corporation Finance

Chad Moutray, Ph.D., Chief Economist & Director of Economic Research, Office of Advocacy, U.S. Small Business Administration, Washington, D.C.


Todd Flemming, President and Chief Executive Officer, Infrasafe, Orlando, Florida, and Member of Executive Advisory Board, Small Business and Entrepreneurship Council, Oakton, Virginia

Anna T. Pinedo, Partner, Morrison & Foerster, New York City

Andrew J. Sherman, Partner, M&A Department, Jones Day, Washington, D.C. and Adjunct Professor of Business and Capital Formation Strategy, Smith School of Business, University of Maryland

Barry E. Silbert, Founder and Chief Executive Officer, SecondMarket, New York City

Eric R. Zarnikow, Associate Administrator, Office of Capital Access, U.S. Small Business Administration, Washington, D.C.

10:45 a.m.


11:00 a.m.

Remarks by SEC Commissioner Troy A. Paredes

11:15 a.m.

Panel Discussion: Academic Perspectives on the SEC's "Accredited Investor" Definition*


Meredith B. Cross, Director, SEC Division of Corporation Finance

Gerald J. Laporte, Chief, Office of Small Business Policy,
SEC Division of Corporation Finance


Prof. Rutheford B. Campbell, Jr., University of Kentucky College of Law

Prof. Jill E. Fisch, University of Pennsylvania Law School

Prof. Donald C. Langevoort, Georgetown University Law Center

Prof. William K. Sjostrom, James E. Rogers College of Law, University of Arizona

12:45 p.m.

Lunch Break

2:00 p.m.

Reassembly to Divide into Breakout Groups to Develop Recommendations

  • Private Placement and M&A Brokers Breakout Group
  • Private Securities Offerings Breakout Group
  • Securities Regulation of Smaller Public Companies Breakout Group
  • Tax Breakout Group
3:30 p.m.


3:45 p.m.

Continuation of Breakout Group Discussions

4:45 p.m.

Plenary Session to Develop Next Steps


Gregory C. Yadley, Partner, Shumaker, Loop & Kendrick, LLP, Tampa, Florida

5:30 p.m.

Networking Reception

* One or more SEC Commissioners may participate in these panel discussions.



Modified: 11/13/2009