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.
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 - 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 - Melanie Senter Lubin*
Maryland Securities Commissioner for the Securities Division, Office of the Attorney General; Baltimore, MD
- 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 - Karen Mills
President, MMP Group, Inc.; Boston, MA - 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 - 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
*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:
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
News
Small Business Capital Formation Advisory Committee to Discuss the SEC’s Capital Formation Proposal on May 8
April 28, 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
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