Meeting of the Small Business Capital Formation Advisory Committee
Location: SEC Headquarters, 100 F Street, N.E.
Multipurpose Room, LL-006
Date: November 12, 2019
|9:30||Call to order; introductory remarks by Commissioners|
|9:45||Harmonization: Exempt Offering Framework|
In June 2019, the SEC published a concept release seeking comment on potential ways to harmonize the exempt offering framework.
To help provide context for a discussion on the exempt offering framework, the Committee will get an overview of current research data about how small companies are accessing capital.
Following the speaker, the Committee will work to develop possible recommendations regarding Harmonization. At its August 13, 2019 meeting, the Committee formed a Subcommittee to explore Harmonization topics. The Subcommittee will present the following principles to the Committee, and the Committee will engage in discussion and deliberate on potential recommendations.
|1:00||SEC Office of the Investor Advocate
Rick Fleming, SEC Investor Advocate, will provide the Committee with an introduction to the Office of the Investor Advocate and its work.
|1:30||Harmonization: Pooled Investment Funds
The Harmonization Concept Release included a discussion of whether the SEC should take steps to facilitate capital formation in exempt offerings through pooled investment funds, including interval funds and other closed-end funds, and whether retail investors should be allowed greater exposure to growth-stage companies through pooled investment funds.
To help provide background on various fund-related rules, the Committee will hear from two experts:
|2:30||Discussion: The Committee will continue to engage in discussions on harmonization and deliberate on potential recommendations.|
|3:30||Wrap up and Adjournment|