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SEC Releases Small Business Forum Recommendations & Priorities

By Randi Morrison posted 09-14-2020 08:57 PM

  

The SEC released its report (see the engaging online version here) on the 39th Annual Small Business Forum held virtually in June. The report includes five prioritized recommendations from each of two collaborative policy sessions on: (1) Exempt Offerings and the Capital Formation Proposal, and (2) The Path to IPO and Small Cap Companies, each accompanied by a Commission response.

Notably, among the top three recommendations from the IPOs and Small Companies participants were quarterly reporting (#2) and the proxy process (#3), with suggested potential solutions to each identified and prioritized here*:

Quarterly Reporting

And here:

Proxy Process

*The percentages shown with each of the recommendations reflect the participants’ votes prioritizing their preferred solutions for the specific issue, with each participant able to vote on up to two solutions per issue. Access participation details in the Endnotes.

The SEC issued a "Request for Comment on Earnings Releases and Quarterly Reports" in December 2018, which the Society commented on here, and issued a final rule: "Amendments to Exemptions from the Proxy Rules for Proxy Voting Advice" (along with "Supplemental Guidance Regarding Proxy Voting Responsibilities of Investment Advisers"), which the Society commented on at the proposed rule stage.

          The full agenda and planning group are included in the Appendix. See the SEC's release.

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