Capital Formation

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Global fintech funding reached $10.5 billion in the second quarter of 2025, marking the second consecutive quarter above $10 billion, a first since early 2023.  In aggregate, fintech companies raised $21.2 billion in the first half of 2025.  Deal volume fell to 804 in the second quarter, continuing the multi-year slowdown from 2021 highs.  US-based…

On July 22 and 23, 2025, the House Committee on Financial Services (the “Committee”) held a full committee markup during which it considered certain bills that, if passed, would improve investor access to the capital markets. These bills have been ordered to be reported to the House of Representatives (the “House”) for consideration. While there…

On July 21, 2025, the House of Representatives (the “House”) passed five bills relating to capital formation, in particular affecting small entities and emerging growth companies (“EGCs”). As discussed in a previous post, these bills were reported to the House by the House Committee on Financial Services. Each bill was passed by unanimous voice…

In what may be indicative of the Securities and Exchange Commission’s renewed focus on small business capital formation, one of the topics that the staff (the “Staff”) of the Commission’s Division of Corporation Finance (the “Division”) is focusing on is the Regulation A exemption from registration.  Notably, on June 30, the Division issued a no-action…

On June 23, 2025, the House of Representatives (the “House”) passed seven bills relating to capital formation. As discussed in a previous post, these bills were reported to the House by the House Committee on Financial Services (the “Committee”).

The House passed H.R. 3394, the Fair Investment Opportunities for Professional Experts Act, by…

In late May 2025, the House Committee on Financial Services (the “Committee”) held a full committee markup, during which the Committee successfully reported 25 bills to the House of Representatives (the “House”). The bills have been introduced and placed on the Union Calendar for consideration by the House. These 25 bills are generally aimed at…

The Securities and Exchange Commission’s (SEC) Small Business Capital Formation Advisory Committee (the “Committee”) will meet on May 6, 2025 to consider the market impact and challenges associated with Regulation A.

Staff from the SEC’s Division of Corporation Finance, Office of Small Business Policy, and the Office of the Advocate for Small Business Capital Formation…

In March 2025, Nasdaq released a comprehensive set of policy recommendations intended to advance capital formation in a paper titled “Advancing the U.S. Public Markets: Unlocking Capital Formation for a Stronger American Economy.”  The paper outlines three key sets of policy reforms, which were prepared by Nasdaq in dialogue with industry stakeholders, including…

Watch the US House of Representative’s Financial Services Committee hearing entitled “The Future of American Capital: Strengthening Public and Private Markets by Increasing Investor Access and Facilitating Capital Formation” today at 10 AM ET.  The hearing will consider over thirty bills, which address aspects of the IPO market, access to the public markets by smaller…