SEC Advisory Committee on Small and Emerging Companies

Committee Meeting
October 31, 2011

Background Materials Provided to Committee

Correspondence on Capital Formation Issues between Chairman Mary L. Schapiro and Darrell E. Issa, Chairman, Committee on Oversight and Government Reform, U.S. House of Representatives

• Letter from Chairman Issa to Chairman Schapiro (Mar. 22, 2011)
   
• Response Letter from Chairman Schapiro to Chairman Issa (Apr. 6, 2011)
   
• Letter from Chairman Issa to Chairman Schapiro (Apr. 29, 2011)
   
• Response Letter from Chairman Schapiro to Chairman Issa (May 25, 2011)

Recent Congressional Testimony on Capital Formation Issues

• Testimony on the Future of Capital Formation — Chairman Mary L. Schapiro (May 10, 2011)
   
• Testimony on Crowdfunding and Capital Formation — Meredith B. Cross (Sept. 15, 2011)
   
• Testimony on “Legislative Proposals to Facilitate Small Business Capital Formation and Job Creation” — Meredith B. Cross and Lona Nallengara (Sept. 21, 2011)

Triggers for Registration and Public Reporting and Suspension of Reporting Obligations

• Section 12(g) of the Securities Exchange Act of 1934
   
• Related Section 12(g) Rules
   
• Report of Special Study of Securities Markets of the Securities and Exchange Commission, Part 3 (April 3, 1963)
   
• Rulemaking Petitions on Section 12(g) and Issues Relating to Equity Securities Held in Street Name
   
  
  • The Nelson Law Firm (Jul. 3, 2003)
     
  • Santa Monica Partners, L.P./Lawrence J. Goldstein (See also Supplemental Letter)
     
• Pending Legislation Amending Section 12(g) of the Securities Exchange Act of 1934
   
• H.R. 1697
   
• H.R. 1965
   
• H.R. 2167
   
• S. 556

Scaling of Regulations

• 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 (Oct. 20, 2011)
   
• C. Steven Bradford, Does Size Matter? An Economic Analysis of Small Business Exemptions from Regulation, 8 Journal of Small and Emerging Business Law 1 (2004)

New Capital Raising Strategies

• Rulemaking Petition on Crowdfunding — Sustainable Economies Law Center (July 1, 2010)
   
• C. Steven Bradford, Crowdfunding and the Federal Securities Laws (October 7, 2011)
   
• Pending Legislation Providing for Crowdfunding Exemption (H.R. 2930)
   
• Text of Regulation A
   
• Pending Regulation A Legislation
   
• H.R. 1070
   
• S. 1544

Restrictions on General Solicitation

• Rule 506 under the Securities Act of 1933
   
• Linda C. Quinn, Reforming the Securities Act of 1933: A Conceptual Framework, 10 Insights 25 (Jan. 1996)
   
• Committee on Federal Regulation of Securities, ABA Section of Business Law, Law of Private Placements (Non-Public Offerings) Not Entitled to Benefits of Safe Harbors – A Report, The Business Lawyer, Vol. 66 (Nov. 2010)
   
• Pending Legislation Requiring Removal of Restrictions on General Solicitation in Rule 506 Offerings (H.R. 2940)
   
• Bulldog Investors General Partnership and Others v. Secretary of the Commonwealth, SJC-10756, 460 Mass. 647 (Sept. 22. 2011)

E-Mail Messages of Members

• E-mail message from Catherine Mott re: Crowdfunding Legislation Benchmark Criteria (October 29, 2011)
   
• E-mail message from Stephen Graham (September 23, 2011)

http://www.sec.gov/info/smallbus/acsec/acsec-backgroundmaterials.htm