Skip to main content

Company FilingsMore Search Options

SEC Emblem
U.S. Securities and Exchange Commission
  • About
    • Careers
    • Commissioners
    • Contact
    • Reports and Publications
    • Securities Laws
    • What We Do
  • Divisions & Offices
    • Corporation Finance
    • Enforcement
    • Investment Management
    • Economic and Risk Analysis
    • Trading and Markets
    • Office of Administrative Law Judges
    • Examinations
    • Regional Offices
    • All Divisions and Offices
  • Enforcement
    • Litigation Releases
    • Administrative Proceedings
    • Opinions and Adjudicatory Orders
    • Accounting and Auditing
    • Trading Suspensions
    • How Investigations Work
    • Receiverships
    • Information for Harmed Investors
  • Regulation
    • Rulemaking Index
    • Proposed Rules
    • Final Rules
    • Interim Final Temporary Rules
    • Other Orders and Notices
    • Self-Regulatory Organizations
    • Staff Interpretations
  • Education
    • Investor.gov
    • Five Questions to Ask Before You Invest
    • About Investment Professionals
    • Check Your Investment Professional
    • Investing Tools and Calculators
    • Investment Products
    • Understanding Fees
    • Investor Alerts and Bulletins
    • Glossary
  • Filings
    • EDGAR – Search & Access
    • EDGAR – Information for Filers
    • Company Filing Search
    • How to Search EDGAR
    • Requesting Public Documents
    • Forms List
    • About EDGAR
  • News
    • Press Releases
    • Public Statements
    • Speeches
    • Testimony
    • Spotlight Topics
    • What's New
    • Upcoming Events
    • Webcasts
    • SEC in the News
    • SEC Videos
    • Media Gallery

User account menu

  • Log in
  • U.S. Securities and Exchange Commission
    • Divisions & Offices
    • Enforcement
    • Regulation
    • Education
    • Filings
    • Newsroom
  • Newsroom
    • Press Releases
    • Public Statements
    • Speehes
    • Testimony
  • RSS Feeds
    • Press Releases
    • Public Statements
    • Speeches
    • Testimony
  • Social Media
    • @SEC_News
    • SEC Channel
    • SEC Photostream
  • Office of the Advocate for Small Business Capital Formation
  • Meet the Team
  • COVID-19 Resources for Small Businesses
  • Small Business Capital Formation Video Gallery
  • Virtual Coffee Breaks
  • Small Business Forum
  • Small Business Capital Formation Advisory Committee
  • Resources on How to Raise Capital
  • SEC Small Business Advocate Act of 2016
  • Cutting Through the Jargon
  • Office of the Advocate for Small Business Capital Formation
  • Meet the Team
  • COVID-19 Resources for Small Businesses
  • Small Business Capital Formation Video Gallery
  • Virtual Coffee Breaks
  • Small Business Forum
  • Small Business Capital Formation Advisory Committee
  • Resources on How to Raise Capital
  • SEC Small Business Advocate Act of 2016
  • Cutting Through the Jargon

Small Business Capital Formation Advisory Committee

OASB Advisory Committee Header
Chair Carla Garrett and Vice-Chair Jeff Solomon lead the Committee in the development of recommendations at the Committee's meeting on August 13, 2019 in Omaha, Nebraska.

About the Committee

The SEC Small Business Capital Formation Advisory Committee was established by the SEC Small Business Advocate Act of 2016, and is designed to provide a formal mechanism for the Commission to receive advice and recommendations on Commission rules, regulations and policy matters relating to small businesses, including smaller public companies. The Committee meets quarterly, and all meetings are open to the public. If you are interested in serving on the Small Business Capital Formation Advisory Committee, please email a letter of interest with applicable information about your relevant experience here.

The Committee succeeds the SEC’s former Advisory Committee on Small and Emerging Companies, whose term expired in 2017.

Committee Members

  • Carla Garrett
    Corporate Partner, Potomac Law Group PLLC; Washington, DC
  • Jeffrey M. Solomon
    Chief Executive Officer, Cowen, Inc.; New York, NY
  • Gregory Yadley
    Partner, Shumaker, Loop & Kendrick, LLP; Tampa, FL
  • Youngro Lee
    CEO and Co-Founder, NextSeed; Houston, TX
  • Kesha Cash
    Founder and General Partner, Impact America Fund; Oakland, CA
  • Greg Dean*
    Senior Vice President of the Office of Government Affairs, FINRA; Washington, DC
  • Robert Fox
    National Managing Partner, Professional Standards Group, Grant Thornton LLP; Chicago, IL
  • Stephen Graham
    Co-Chair, Fenwick & West LLP’s Life Sciences Practice; Seattle, WA
  • Sara Hanks
    CEO and Co-Founder, CrowdCheck, Inc.; Alexandria, VA
  • Brian Levey
    Chief Business Affairs and Legal Officer, Upwork Inc.; Santa Clara, CA
  • William Manger*
    Chief of Staff and Associate Administrator for the Office of Capital Access; U.S. Small Business Administration; Washington, DC
  • Sapna Mehta
    General Counsel & Chief Compliance Officer, Rise of the Rest Seed Fund; Associate General Counsel, Revolution; Washington, DC
  • Martha Legg Miller*
    Director, Office of the Advocate for Small Business Capital Formation, U.S. Securities & Exchange Commission; Washington, DC
  • Catherine Mott
    Founder and CEO of BlueTree Capital Group, BlueTree Allied Angels, and BlueTree Venture Fund; Pittsburgh, PA
  • Poorvi Patodia
    CEO and Founder, Biena Snacks; Allston, MA
  • Michael S. Pieciak*
    Commissioner of the Vermont Department of Financial Regulation; Montpelier, VT 
  • Jason Seats
    Chief Investment Officer, Techstars; Austin, TX
  • Marc Oorloff Sharma*
    Chief Counsel of the Office of the Investor Advocate, U.S. Securities & Exchange Commission; Washington, DC
  • Hank Torbert
    President, AltaMax, LLC; New Orleans, LA
  • Sue Washer
    President and CEO, Applied Genetic Technologies Corporation; Gainesville, FL

*Committee members include the SEC’s Advocate for Small Business Capital Formation and three non-voting members appointed by each of the SEC’s Investor Advocate, the North American Securities Administrators Association (NASAA), and the Small Business Administration, as well as an observer appointed by the Financial Industry Regulatory Authority (FINRA).


Recommendations of the Committee

The Committee has adopted the following recommendations:

Finders (November 9, 2020)

Underrepresented Founders and Investors (August 4, 2020)

Capital Formation Proposal (May 8, 2020)

Harmonization General Principles (December 11, 2019)

Regulation Crowdfunding (December 11, 2019)

Accredited Investor (November 12, 2019)

Retail Investor Access to Registered Closed-End Funds Investing in Private Funds (November 12, 2019)

Accelerated Filer Definition (August 13, 2019)

Financial Disclosure Requirements Relating to Acquisition and Dispositions of Businesses (August 13, 2019)


Meeting Materials

Meeting archives, including agendas, presentation materials, transcripts, and webcast recordings, are available here.


Submit Comments

Members of the public may submit comments to the Committee.

Organization

Charter
Statute
Bylaws


News

Small Business Capital Formation Advisory Committee Jan. 29 Meeting to Focus on Smaller Public Company Markets
January 22, 2021

SEC Issues Agenda for Nov. 9 Meeting of the Small Business Capital Formation Advisory Committee
November 3, 2020

SEC Announces New Small Business Capital Formation Advisory Committee Members
August 4, 2020

Small Business Capital Formation Advisory Committee Aug. 4 Meeting to Focus on How Capital Markets Are Serving Underrepresented Founders
July 29, 2020

Small Business Capital Formation Advisory Committee to Discuss the SEC’s Capital Formation Proposal on May 8
April 28, 2020

SEC Announces Ad Hoc Meeting of Small Business Capital Formation Advisory Committee in Response to COVID-19 Challenges Faced By Small Businesses
March 31, 2020

SEC Issues Agenda for February 4 Meeting of Small Business Capital Formation Advisory Committee
Jan. 28, 2020

SEC Issues Agenda for Dec. 11 Meeting of Small Business Capital Formation Advisory Committee
Dec. 4, 2019

SEC Issues Agenda for Nov. 12 Meeting of Small Business Capital Formation Advisory Committee
Nov. 6, 2019

SEC Announces Aug. 13 Meeting of Small Business Capital Formation Advisory Committee
July 9, 2019

Email Updates

Signup for news about the Committee.

Public Comments


Comments received

Submit comments

Modified: Jan. 28, 2021

STAY CONNECTED
1 Twitter 2 Facebook 3RSS 4YouTube
5 Flickr 6LinkedIn 7 Pinterest 8 Email Updates

Footer menu

  • Accessibility
  • Budget & Performance
  • Careers
  • Contact
  • Contracts
  • Data
  • Diversity and Inclusion
  • FOIA
  • Inspector General
  • Investor.gov
  • No FEAR Act & EEO Data
  • Ombudsman
  • Plain Writing
  • Privacy & Security
  • Related Sites
  • Site Map
  • USA.gov
  • Votes
  • Whistleblower Protection
Return to Top