Recommendation Regarding Securities Act Rule 701


September 9, 2017

Published by the SEC Advisory Committee on Small and Emerging Companies

The Securities and Exchange Commission organized the Advisory Committee on Small and Emerging Companies to provide the Commission with advice on the Commission’s rules, regulations, and policies with regard to its mission of protecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation, as they relate to the following:

  1. capital raising by emerging privately held small businesses and publicly traded companies with less than $250 million in public market capitalization;
  2. trading in the securities of such businesses and companies; and
  3. public reporting and corporate governance requirements to which such businesses and companies are subject.

On behalf of the Advisory Committee, we are pleased to submit the enclosed recommendation to amend Securities Act Rule 701. This recommendation was discussed and approved by the members of the Advisory Committee present and voting at a meeting held September 13, 2017…

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