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SEC Announces Agenda for June 3 Meeting of the Advisory Committee on Small and Emerging Companies


Washington D.C., May 28, 2015 —

The Securities and Exchange Commission today announced that the next meeting of its Advisory Committee on Small and Emerging Companies will focus on public company disclosure effectiveness, intrastate crowdfunding, venture exchanges, and treatment of “finders.”

“The agenda reflects the important scope of the advisory committee’s mandate,” said SEC Chair Mary Jo White.  “Topics I am particularly interested in are the advisory committee’s views on disclosure effectiveness and initiatives that will inform our capital formation efforts.”  

At its upcoming meeting on June 3, the advisory committee also is expected to vote on a recommendation to the Commission regarding the “Section 4(a)(1½) exemption” sometimes used by shareholders to resell privately issued securities.  This topic was initially discussed at the committee’s March 4 meeting.

The meeting will be held at the SEC’s headquarters at 100 F Street, N.E., Washington, D.C., and is open to the public.  It also will be webcast live on the SEC’s website,, and will be archived on the website for later viewing. 

The advisory committee provides a formal mechanism for the SEC to receive advice and recommendations on privately held small businesses and publicly traded companies with a market capitalization less than $250 million.

Members of the public who wish to provide their views on the matters to be considered by the advisory committee may submit comments electronically or on paper.  Please submit comments using one method only.  Information that is submitted will become part of the public record of the meeting.

Electronic submissions:

Use the SEC’s Internet submission form or send an e-mail to

Paper submissions:

Send paper submissions in triplicate to Brent Fields, Secretary, Securities and Exchange Commission, 100 F Street, N.E., Washington, D.C. 20549-1090.

All submissions should refer to File Number 265-27, and the file number should be included on the subject line if e-mail is used.



11:15 a.m.

9:30 a.m.

Co-Chairs Call Meeting to Order

Introductory Remarks by Chair Mary Jo White, Commissioners, and Division of Corporation Finance Director Keith Higgins

10:00 a.m.

Committee Discussion of Public Company Disclosure Effectiveness

Committee Discussion of Intrastate Crowdfunding and Securities Act Rule 147

12:00 p.m.

Consideration of Written Recommendation on the “Section 4(a)(1½) Exemption”

12:30 p.m.

2:00 p.m.

Lunch Break

Committee Discussion of Rules and Market Structure Matters Relevant to Venture Exchanges

2:30 p.m.

Committee Discussion on the Treatment of “Finders”

3:15 p.m.

Committee Discussion of Next Steps/Future Topics

3:30 p.m.



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