At the 35th Annual SEC Government-Business Forum on Small Business Capital Formation, SEC Chair Mary Jo White and Commissioner Michael Piwowar discuss rulemaking initiatives intended to remove barriers to capital formation for small and emerging companies.
SEC Chair Mary Jo White outlined recent rulemakings, including: (i) proposed rules that would increase the financial thresholds for reporting; and (ii) adopted rules that update and modernize the intrastate and regional offering framework to better accommodate how local offerings have evolved. She observed that the SEC "has fully implemented all the rulemakings under the JOBS Act and companies are now taking advantage of the new capital raising options—Rule 506(c), Regulation A+, and Regulation Crowdfunding—which are designed to foster new ways for smaller companies to access the capital markets."
SEC Commissioner Michael Piwowar emphasized that "[t]he menu of capital-raising choices available today to small businesses presents more flexibility and more alternatives than ever before." He expressed general optimism about the SEC staff analysis of small business rulemakings to come.
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