Stay up-to-date with the latest developments in securities law through access to both news and all statutes and regulations. Find relevant corporate filings through a searchable EDGAR database. And...
The Securities and Exchange Commission is taking steps to set up a small-business advocate office, acting SEC Chairman Michael Piwowar said Feb. 15.
In his first public speech as the agency’s interim leader, Piwowar said the commission will begin its search for a head for the Office of the Advocate for Small Business Capital Formation “in the near future.” The new position was created by the SEC Small Business Advocate Act, which became law in December.
“The law requires that the new advocate be someone who is not a current SEC employee, so I hope you will encourage good candidates you may know to apply,” Piwowar said at a meeting of the SEC Advisory Committee on Small and Emerging Companies.
The legislation also codified the advisory panel, whose charter will expire in September. The panel will be known as the Small Business Capital Formation Advisory Committee. The advisory committee was created in 2011 to focus on the needs of privately held small businesses and publicly traded companies with a market capitalization of less than $250 million.
The new office and committee were based on the SEC’s Office of the Investor Advocate and Investor Advisory Committee, which came out of the Dodd-Frank Act.
The advocate will be responsible for dentifying challenges small companies have with getting access to capital, determining the effects of proposed rules on the businesses and suggesting regulatory changes, among other responsibilities. The advocate’s office also will work with the small business advisory committee regarding SEC rules and policies that affect small businesses.
The bill is expected to cost the agency $7 million to implement through 2020, according to a 2016 Congressional Budget Office report.
Brett Palmer, president of the Small Business Investor Alliance, said his organization has pushed hard for the advocate. Small companies are “always an afterthought” at the SEC, Palmer said.
“I’m glad they’re moving on it.”
To contact the reporter on this story: Andrew Ramonas in Washington at firstname.lastname@example.org
Copyright © 2017 The Bureau of National Affairs, Inc. All Rights Reserved.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to email@example.com.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to firstname.lastname@example.org.
Put me on standing order
Notify me when new releases are available (no standing order will be created)