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U.S. Securities and Exchange Commission

SEC Advisory Committee on Small and Emerging Companies

Committee Meeting
February 1, 2012

Background Materials Provided to Members

  1. The IPO Task Force Report (IPO Task Force, Rebuilding the IPO On-Ramp: Putting Emerging Companies and the Job Market Back on the Road to Growth, presented to the U.S. Department of Treasury (October 20, 2011) — http://www.sec.gov/info/smallbus/acsec/rebuilding_the_ipo_on-ramp.pdf
    1. S.1933: The Reopening American Capital Markets to Emerging Growth Companies Act of 2011 (Section-by-Section Summary)
    2. Existing Regulatory Protections Unchanged by Either H.R. 3606 OR S. 1933
    3. IPO Task Force Slides (October 2011)
  2. Written testimonies from witnesses at the December 14, 2011 hearing, “Examining Investor Risks in Capital Raising” before the Senate Committee on Banking, Housing and Urban Affairs, Subcommittee on Securities, Insurance and Investment:
    1. Professor John C. Coates IV, Harvard Law School — http://banking.senate.gov/public/index.cfm?FuseAction=Files.View&FileStore_id=1d24b42e-3ef8-4653-bfe8-9c476740fafa
    2. Kate Mitchell, Managing Director, Scale Venture Partners, and Chairman of the IPO Task Force — http://banking.senate.gov/public/index.cfm?FuseAction=Files.View&FileStore_id=92912d40-b8d5-4580-8b6c-c3a111362c9f
    3. Barry E. Silbert, Founder and CEO, SecondMarket — http://banking.senate.gov/public/index.cfm?FuseAction=Files.View&FileStore_id=92020232-1b1c-49b8-b75c-2c92914fb369
    4. Stephen Luparello, Vice Chairman, FINRA — http://banking.senate.gov/public/index.cfm?FuseAction=Files.View&FileStore_id=f79bdc28-a492-4089-8831-d1a68886178d
    5. Mark T. Hirade, Partner, Petillon Hirade & Loomis LLP — http://banking.senate.gov/public/index.cfm?FuseAction=Files.View&FileStore_id=348a885d-de31-4054-8d81-2941256c9607
  3. Written testimonies from witnesses at the December 15, 2011 hearing, “H.R. 3606, the Reopening American Capital Markets to Emerging Growth Companies Act of 2011” before the House Financial Services Committee, Subcommittee on Capital Markets and Government Sponsored Enterprises:
    1. Joseph Brantuk, Vice President, NASDAQ OMX Group — http://financialservices.house.gov/UploadedFiles/121511brantuk.pdf
    2. Steven LeBlanc, Senior Managing Director of Private Markets, Teacher Retirement System of Texas — http://financialservices.house.gov/UploadedFiles/121511leblanc.pdf
    3. Kate Mitchell, Managing Director, Scale Venture Partners, and Chairman of the IPO Task Force — http://financialservices.house.gov/UploadedFiles/121511mitchell.pdf
    4. Mike Selfridge, Head of Regional Banking, Silicon Valley Bank — http://financialservices.house.gov/UploadedFiles/121511selfridge.pdf
    5. NYSE Euronext (statement for the record) — http://financialservices.house.gov/UploadedFiles/121511nyse.pdf
  4. Proposed legislation:
    1. S. 1933 — http://www.gpo.gov/fdsys/pkg/BILLS-112s1933is/pdf/BILLS-112s1933is.pdf
    2. H.R. 3606 — http://www.gpo.gov/fdsys/pkg/BILLS-112hr3606ih/pdf/BILLS-112hr3606ih.pdf
  5. Global Research Analyst Settlement Undertakings (Addendum A), as amended March 2010
  6. GAO Report dated January 12, 2012, “Additional Actions Could Improve Regulatory Oversight of Analyst Conflicts of Interest” —http://www.gao.gov/assets/590/587613.pdf
  7. NASD Rule 2711, “Research Analysts and Research Reports” — http://finra.complinet.com/en/display/display.html?rbid=2403&record_id=4352&element_id=3675&highlight=2711#r4352
  8. April 2003 Press Release Announcing Global Research Analyst Settlement — http://www.sec.gov/news/press/2003-54.htm
  9. April 2003 Fact Sheet on the Global Research Analyst Settlement — http://www.sec.gov/news/speech/factsheet.htm




Modified: 01/31/2012