On May 9, 2023, FINRA issued Regulatory Notice 23-09 (the “Notice”), seeking comment on any modifications that could be made to FINRA’s rules, operations and administrative processes to further promote capital formation while maintaining investor protection.

In addition to the open-ended request, the Notice sets forth the following ten questions for commenters to consider: 

  • Are

The Securities and Exchange Commission’s Office of the Investor Advocate held the 42nd Annual Small Business Forum—this time convening panels over four days on various topics, including trends and challenges affecting early stage businesses, smaller funds, and accessing the public markets and raising capital by smaller public companies.  The Small Business Forum also solicits

According to data aggregated by Carta, an ownership and equity management platform, private capital raising trends noticeably shifted in 2022.  Companies in Carta’s database raised $107 billion in 6,123 deals in 2022.  Overall, deal count declined by 29% and capital raised dropped by 50% in 2022 compared to 2021.  While venture deals in 2021 broke

CB Insights’ State of Insurtech 2022 provides a perspective on trends in the sector.  In 2022, global insurtech funding fell over 50% to $8.4 billion, following 2021’s record-breaking total funding of $17.8 billion.  With about $1 billion in funding, the fourth quarter of 2022 marked the lowest amount raised since the second quarter 2018.

Down

Today, February 7, 2023, the Securities and Exchange Commission’s Small Business Capital Formation Advisory Committee will host a meeting to discuss several matters.  The Committee will discuss alternatives to traditional bank and venture capital funding for small and mid-size private companies.  Next, the Committee will discuss rules and amendments first proposed in February 2022 pertaining

Commissioner Crenshaw’s remarks on January 30, 2023, once again, touched on Regulation D and the private markets.  It is understandable that, given companies in the United States have become increasingly reliant on private capital to fuel their growth, a regulator would seek to focus on the private markets.  The “how did we get here” part

The Securities and Exchange Commission’s Office of the Advocate for Small Business Capital Formation issued on December 16, 2022 its 2022 Annual Report to the U.S. Congress and to the SEC detailing how entrepreneurs, investors, and private and smaller public companies are engaging in capital raising.  The Report provides a wealth of data from the

The CB Insights’ State of Venture Report for the third quarter of 2022 notes that global venture funding declined to $74.5 billion in the third quarter, down 58% from the funding peak in the fourth quarter of 2021.  This represents a quarter-over-quarter contraction of 34%, the largest quarterly percentage drop in a decade, with the

The CB Insights’ recently-published Tech Valuations Report comments on technology company valuations trends and reports on a continued decline during the third quarter of the year.  The report attributes this in part to continued cautiousness on the part of investors given market volatility.

The report indicates that median tech valuations dropped across most investment stages

November 17 -18, 2022 Hybrid Event

Register here

Practising Law Institute (PLI) is hosting its annual Pocket MBA 2022: Finance for Lawyers and Other Professionals program. Pocket MBA is PLI’s hallmark program for attorneys representing clients in the financial industry, but their background training is not primarily in accounting principles and financial concepts. This program