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Feb. 7, 2022

Meeting of SEC Small Business Capital Formation Advisory Committee

Location:   Public will be able to view on

Date:          Thursday, February 10, 2022

Time:          10:00 a.m. – 2:30 p.m. (ET)

10:00   Call to Order; Introductory Remarks by Commissioners

10:15   Updates 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 FY2021 Annual Report, which includes an in-depth profile on the state of capital raising activity from startup to small cap, along with the Office’s policy recommendations.

The Office will also provide an update on recently-released educational resources on the SEC’s new Capital Raising hub, which aim to make the capital raising rules more accessible and to empower entrepreneurs and investors to make more informed decisions.

10:45   Accredited Investor Definition

The Commission’s recently released rulemaking agenda for this year includes seeking public comment on updates to the financial thresholds in the accredited investor definition as a part of potential changes to the exempt offering rules. For background, in 2019 the Committee evaluated potential amendments to the accredited investor definition and offered recommendations to the Commission.

The Committee will first receive an overview on the current accredited investor framework from the SEC’s Office of the Advocate for Small Business Capital Formation, including recent amendments that became effective in 2020, and how the definition interrelates with other capital raising rules.

Following the overview, the Committee will hear from speakers on how the accredited investor definition impacts capital raising opportunities for both entrepreneurs and their investors.


Following discussion with the speakers, the Committee will discuss the accredited investor definition in the context of capital raising.

There will be a lunch break from 12:00-1:00.

1:00     Accredited Investor Definition (continued)

Committee members will continue to engage in discussions about the accredited investor definition, including deliberation on potential recommendations.

2:30     Wrap-up and Adjournment

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