SEC/CORPORATE -

SEC Advisory Committee on Small and Emerging Companies Makes Recommendations -

On September 23, the Securities and Exchange Commission Advisory Committee on Small and Emerging Companies (Advisory Committee) met to discuss, and submit to the SEC, recommendations regarding (1) public company disclosure effectiveness, focusing on the definition of “smaller reporting company” and disclosures by smaller reporting companies; (2) modernizing Rule 147 under the Securities Act of 1933 (a “safe harbor” for intrastate securities offerings) to facilitate recently enacted and future state-based crowdfunding initiatives; and (3) the regulation of finders and other intermediaries in small business capital formation transactions. Additionally, the SEC announced its renewal of the Advisory Committee (the term of which was originally scheduled to expire in September 2015) for an additional two years.