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SEC Small Business Advisory Committee to Discuss the Accredited Investor Definition and the State of the IPO Market


Washington D.C., Feb. 16, 2024 —

The Securities and Exchange Commission’s Small Business Capital Formation Advisory Committee today released the agenda for its meeting on Tuesday, Feb. 27, which will include a discussion of the accredited investor definition and initial public offerings (IPOs). Members of the public can watch the live meeting via webcast on

The Committee, which provides advice and recommendations to the Commission on rules, regulations, and policy matters relating to small businesses, will start the morning session by hearing from its members about marketplace trends in small business capital raising.The SEC’s Office of the Advocate for Small Business Capital Formation will also provide an overview of its 2023 Annual Report, which includes in-depth data on the state of capital raising activity from startup to small cap along with the Office’s policy recommendations. The Committee will spend the rest of the morning considering potential recommendations regarding changes to the accredited investor definition, building upon ideas generated during a previous Committee meeting.

In the afternoon session, following remarks from the Acting Director of the SEC’s Office of Minority and Women Inclusion, the Committee will explore the state of the IPO market. Recognizing that IPO activity has fallen significantly in recent years and that there are a declining number of smaller public companies, invited speakers will share relevant IPO data and their views on contributory factors and trends in the marketplace. As part of the discussion, the Committee will consider how decreased IPO activity and market shifts are impacting smaller companies and related capital raising challenges.

The full agenda, meeting materials, and information on how to watch the meeting are available on the Committee webpage.


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