Agenda - Meeting of SEC Small Business Capital Formation Advisory Committee
Location: SEC Headquarters, 100 F Street N.E., Washington, DC
Public will be able to view on www.sec.gov
Date: Tuesday, July 22, 2025
Time: 10:00 a.m. – 3:30 p.m. (ET)
10:00 Call to Order; Introductory Remarks by Commissioners
10:30 Regulation A
As a follow-up to the Committee’s May 6, 2025 discussion, the Committee will continue exploring potential regulatory improvements to Regulation A and deliberate possible related recommendations.
11:00 Deep Dive on “Finders”
In 2020, the Commission proposed, but did not finalize, a limited, conditional exemption from broker registration for “finders” who assist companies with raising capital in private markets from accredited investors. In an ongoing effort to promote small business capital formation, including access to capital for founders who are building businesses outside of prominent entrepreneurial hubs or without robust capital-raising networks, the Committee will explore issues surrounding “finders.”
To facilitate discussion and deepen the Committee’s understanding of “finders” and provide historical regulatory context, members will hear from SEC staff in the Division of Trading and Markets who will provide an overview of the 2020 proposal and share certain feedback from commentors. Thereafter, the Committee will have the opportunity to learn more about the role of “finders” and possible regulatory solutions from industry practitioners. As part of this discussion, the Committee will explore potential principles, frameworks, conditions and safeguards that could permit certain “finders” to engage in limited capital-raising activities.
Speakers:
- Gary Ross, Ross Law Group
- Kelley Arena, Golden Hour Ventures
12:30 Lunch
1:45 Deep Dive on “Finders” (cont’d)
Committee members will continue discussion of “finders” by deliberating on potential principles and frameworks for “finder” activity.
3:30 Wrap-up and Adjournment
Last Reviewed or Updated: July 7, 2025