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SEC Announces Agenda for May 10 Meeting of the Advisory Committee on Small and Emerging Companies


Washington D.C., May 5, 2017 —

The Securities and Exchange Commission today announced the agenda for the May 10 meeting of its Advisory Committee on Small and Emerging Companies.  The committee will discuss the underwriting of small offerings and will receive updates from SEC staff about the tick size pilot program and from state securities regulators about their latest enforcement report.  The committee also will consider recommendations on secondary market liquidity for Regulation A, Tier 2 securities and the treatment of so-called “finders” that assist companies in capital raising activities.

The May 10 meeting will begin at 9:00 a.m. in the multipurpose room at the SEC’s headquarters at 100 F Street, N.E., Washington, D.C., and is open to the public.  It will be webcast live on the SEC’s website and archived on the website for later viewing. 

The 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 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 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.


9:00 a.m.

Co-Chairs Call Meeting to Order

Introductory Remarks by Commissioners

9:30 a.m.

Underwriting Small Offerings

  • Presentations
    • J. Bradford Eichler, Executive Vice President, Head of Investment Banking, Stephens Inc.
    • Robert L. Malin, Managing Director, Head of Equity Capital Markets, WR Hambrecht + Co
  • Committee Discussion

11:15 a.m.

Update on Tick Size Pilot Program from Staff in the SEC's Division of Trading and Markets and Division of Economic and Risk Analysis

12:00 p.m.

Lunch Break

1:30 p.m.

North American Securities Administrators Association (NASAA) Presentation on its 2016 Enforcement Report

2:15 p.m.

Consideration of Draft Recommendations on Secondary Market Liquidity and Broker-Dealer Status of Finders

3:00 p.m.



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