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statement - Clayton - 5-10-17

Opening Remarks Before the SEC Advisory Committee on Small and Emerging Companies

Chairman Jay Clayton

May 10, 2017

Good morning everyone, and thank you, Steve [Graham] and Sara [Hanks]. I would like to extend a warm welcome to Joe [Shepard], and thank you to Shelley [Parratt]. I am grateful to you and the other members of this important committee for the opportunity to speak to you today.  

I am pleased that my first public remarks as Chairman could be to this very important group.  As these are my first public remarks, I would be remiss if I did not start with a few thank-yous:

First, to President Trump for having the confidence in me to nominate me for this position.

Second, to all those I met during the confirmation process.  I know that I am better prepared for this important role as a result of that process.

Third, to the dedicated women and men of the SEC who have made me feel at home. Thank you and I am very much looking forward to working with each of you.   

Facilitating capital formation is one of the central tenets of the SEC’s mission and it is a focus that this committee and I share.  One of my priorities is for the Commission to focus on facilitating capital-raising opportunities for all companies, including, and importantly, small- and medium-sized businesses.  Doing so will not only help those companies, but it also will provide expanded opportunities for investors, help our economy grow, facilitate innovation, and further job creation. 

As I mentioned during my confirmation hearing, I understand the many challenges facing small- and medium-sized businesses, as well as the importance of those businesses to our local economies and, collectively, our national economy.  I appreciate your willingness to share your knowledge and insights about smaller and emerging companies and the challenges they face.

This committee has already made important recommendations that have facilitated the ability of small and emerging companies to raise capital, and for investors of all types to participate and benefit from their growth.  The topics on your agenda today – including finders, the underwriting of small offerings and the tick size pilot, among others – represent discussions that we should be having and that I expect will provide a basis for action.  I look forward to your thoughts and any recommendations that stem from your deliberations.

Finally, this is Public Service Recognition Week, and I want to close my remarks with a few words from our town hall yesterday.  This agency and this committee are all about the people.  There are no widgets here at the SEC.  It’s about smart, caring people analyzing and implementing the law in an environment that is ever-changing, with the lauded goal of increasing the opportunities for all to participate in America’s growth.  With your hard work, you are ably assisting that effort. Thank you.

SEC, NYU Host Dialogue on Capital Formation

SEC-NYU Dialogue on Securities Market Regulation

April 11, 2017

Topic: Reviving the U.S. IPO Market

May 10, 2017

Hosted jointly by the SEC and NYU’s Salomon Center for the Study of Financial Institutions

The Division of Economic and Risk Analysis (DERA) of the U.S. Securities and Exchange Commission and New York University’s Salomon Center are organizing a half-day Dialogue on “Reviving the U.S. IPO Market.”  Against the background of nearly 15 years of low levels of IPO activity, the Dialogue will explore the economic causes and consequences of the perceived weakness in the U.S. IPO market and discuss ways to encourage more capital-raising through IPOs.

The Dialogue is intended to bring together practitioners, regulators, and academics to learn, engage, and discuss the current state of the U.S. IPO market and exchange ideas on issues related to investor protection and capital formation.

Event Video

The Dialogue will be held on May 10, 2017 at New York University’s Salomon Center for the Study of Financial Institutions and will be open to the public. Webcasting will also be available. The preliminary program will include:

8:30am       Coffee service

9:10am       Introduction – Dean Peter Henry, NYU Stern School of Business

9:15am       Welcome remarks – Commissioner Michael Piwowar

9:30am       Session 1: Review of the IPO Market

Moderator: Scott Bauguess - Acting Chief Economist, U.S. SEC

Review of the current state of the U.S. IPO market from an academic perspective and a discussion of the economic causes and consequences of the continued weak IPO market.

10:30am     Break

10:45am     Session 2: Panel on Regulatory and Other Market Influences

Moderator: Tom Braithwaite - Financial Times

A discussion of what has led to the current state of the IPO market, including changes in technology and funding sources, the macroeconomic environment, regulatory and institutional influences, and the challenges these issues pose for firms seeking to raise capital.

11:45am     Break

12:00pm     Session 3: How to Revive the IPO Market

Moderator: Rick Fleming - Investor Advocate, U.S. SEC

  • Thomas Farley - President, NYSE Group
  • Robin Graham - Managing Director and Head of Technology for IB, Oppenheimer
  • Conor Kehoe - Partner, McKinsey, Investor and Private Equity Practice

A discussion of what can be done to revive the IPO market, focusing on possible solutions driven by the needs of IPO market participants, as well as potential regulatory responses.

1:00pm       Concluding remarks


SEC to Host Crowdfunding Dialogue February 28


Washington D.C., Feb. 21, 2017—

The Securities and Exchange Commission will host a crowdfunding symposium Feb. 28, covering research, challenges, opportunities, and the effects of securities-based crowdfunding on various market participants.

The Commission’s Division of Economic and Risk Analysis is partnering with NYU’s Salomon Center for the Study of Financial Institutions to bring together regulators, practitioners, and academics for the half-day event. Presentations and discussions will focus on protecting investors while facilitating capital formation.

“We are excited to collaborate with NYU in this event focused on new sources of capital formation, and designed to bring together academics, industry participants, and the SEC,” notes Acting Chairman Michael Piwowar.

Regulation Crowdfunding, a key JOBS Act rulemaking that went into effect on May 16, 2016, allows for a large number of retail investors to be solicited on the web and through social media to purchase unregistered securities of small private companies. Additionally, the rule establishes a new type of intermediary – the funding portal – that brings buyers and sellers together online.

To date, 21 funding portals have emerged to facilitate these transactions, with 163 deals initiated, of which 33 have completed their fundraising. Approximately $10 million of new capital has been raised in total since Regulation Crowdfunding became effective.

The event is free and open to the public, and will kick off with welcoming remarks by SEC Acting Chairman Michael Piwowar at 9:15 am at the SEC’s headquarters building at 100 F Street, NE. A webcast will be available at For individuals wishing to attend, please register in advance and provide photo ID to the security personnel at the front desk.


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