The Securities and Exchange Commission today announced that the next meeting of its Advisory Committee on Small and Emerging Companies will focus on ways to increase the opportunities for investors in small and emerging companies to resell their shares, a concept referred to as secondary market liquidity.
“Secondary market liquidity is critical for small business capital formation and for those investing in these businesses,” said SEC Chair Mary Jo White. “I look forward to the advisory committee’s input on these matters.”
In addition to secondary market liquidity, the committee is expected to vote on recommendations to the Commission regarding the definition of “accredited investor.” The committee had planned to consider those recommendations in a February 17 conference call that was postponed due to weather.
The meeting on Wednesday, March 4, will be held at the SEC’s headquarters at 100 F Street, N.E., Washington, D.C., and is open to the public. It also will be webcast live on the SEC’s website, www.sec.gov, and will be archived on the website for later viewing.
The advisory committee provides a formal mechanism for the SEC to receive advice and recommendations on privately held small businesses and publicly traded companies with a market capitalization less than $250 million.
Members of the public who wish to provide their views on the matters to be considered by the advisory committee may submit comments electronically or on paper. Please submit comments using one method only. Information that is submitted will become part of the public record of the meeting.
Send paper submissions in triplicate to Brent Fields, Secretary, Securities and Exchange Commission, 100 F Street, N.E., Washington, D.C. 20549-1090.
All submissions should refer to File Number 265-27, and the file number should be included on the subject line if e-mail is used.
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Co-Chairs Call Meeting to Order
Introductory Remarks by Chair White and Commissioners
Consideration of Written Recommendations on Accredited Investor Definition
Committee Discussion of State Preemption in the Context of Regulation A+
Presentation and Q&A on Secondary Market Liquidity Generally/Formalizing Section 4(a)(1½)
Committee Discussion of Section 4(a)(1½) and Secondary Market Liquidity
Presentation and Q&A on Secondary Market Trading Venues/Venture Exchanges
Committee Discussion of Venture Exchanges and Secondary Market Trading Issues
Discussion of Next Steps/Future Topics