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The Securities and Exchange Commission’s Small Business Capital Formation Advisory Committee convened virtually on February 24, 2026, marking its first meeting of the year following the government shutdown that disrupted its schedule.  The Committee’s agenda included a discussion of finders, a discussion of private secondary markets, and an update from the SEC’s Office of the…

The Securities and Exchange Commission’s Division of Investment Management will host a “Private Markets Roundtable” on March 4, 2026, from 1:00 to 3:00 p.m. ET.  The roundtable will continue the dialogue regarding retail access to private markets.  As we have previously blogged, the President’s Executive Order regarding 401(k) assets requires SEC action.  In addition…

The Securities and Exchange Commission recently announced that its Small Business Capital Formation Advisory Committee will host a public meeting on February 24, 2026.  The meeting will focus on potential regulatory improvements relating to “finders” who help companies raise capital in private transactions from accredited investors.  The Committee first began to consider possible guidance relating…

On September 22, 2025, the Securities and Exchange Commission’s (the “Commission” or “SEC”) Office of the Advocate for Small Business Capital Formation (“OASB”) published its report summarizing policy recommendations made during the 44th Annual Small Business Forum (the “Forum”).  The Forum brought members of the public and private sectors together to provide feedback relating to…

Nasdaq Private Market’s State of the Private Market: 2025 report shows private company valuations beginning to recover, liquidity programs surging, and private company performance stabilizing relative to public benchmarks following two years of turbulence.

In 2024, total proceeds raised through secondary tender offers surpassed venture-backed IPO volume.  Over that same period, the number of private…

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…

The Securities and Exchange Commission’s (SEC) Small Business Capital Formation Advisory Committee will meet on February 25, 2025 to discuss capital-raising challenges for emerging fund managers and smaller public companies the securities of which are not listed on a national securities exchange.  The meeting, available via webcast on SEC.gov, will begin with an overview of…

As discussed in our prior post, the Securities and Exchange Commission’s Office of the Advocate for Small Business Capital Formation recently issued its 2024 Annual Report.  

The Report provides data on the reliance on crowdfunding and Regulation A to raise capital.  Interestingly, the number of new crowdfunded offerings has remained fairly consistent with the…

The Securities and Exchange Commission’s Office of the Advocate for Small Business Capital Formation issued its 2024 Annual Report just recently.  The Office is required to deliver an annual report to Congress, to the Committee on Banking, Housing and Urban Affairs of the U.S. Senate and the Committee on Financial Services of the U.S. House…