Agenda - Meeting of SEC Small Business Capital Formation Advisory Committee

Location:  Public will be able to view on www.sec.gov

Date:          Tuesday, February 25, 2025

Time:         10:00 a.m. – 3:30 p.m. (ET)

10:00     Call to Order; Introductory Remarks by Commissioners and Newest Committee Members

10:30     Update from the SEC’s Office of the Advocate for Small Business Capital Formation

The SEC’s Office of the Advocate for Small Business Capital Formation will provide an overview of the Office’s FY2024 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. 

11:00     Continue Exploring Ways to Support and Facilitate Capital Formation for Emerging Fund Managers        

As a follow-up to the Committee’s November 13, 2024 discussion, the Committee will continue exploring ways to support and facilitate capital formation for private funds and emerging fund managers, and deliberate possible related recommendations. To facilitate discussion and deepen the Committee’s understanding of certain capital raising frictions, members will hear from an angel investor. Thereafter, the Committee will have the opportunity to learn more about the role emerging manager fellowship programs can play in addressing institutional barriers for underrepresented funders. As part of this discussion, the Committee will continue exploring ways to address the challenges facing emerging fund managers.

Speakers:

• Ashok Kamal, Executive Director, NuFund Venture Group
• Sara Zulkosky, Co-Founder & Managing Partner, Recast Capital

12:45   Break

1:45    Understanding the Challenges Faced by Small Public Companies Not Listed on a National Securities Exchange

Small public companies (i.e., companies with a market capitalization of $250 million or less) represent almost half of all public companies. However, many small public companies are not listed on a national securities exchange. Understanding the decision-points and challenges those companies face is critical to fostering access to capital for, and investor participation in, these smaller public companies. To facilitate the discussion, members will hear from the general counsel for a non-national securities exchange. The Committee will begin exploring ways to address some of the challenges facing small public companies.

Speaker:

• Dan Zinn, General Counsel and Chief of Staff, OTC Markets Group

3:30   Wrap-up and Adjournment