Equity Capital Formation Task Force

Equity Capital Formation Task Force



Comprising professionals from across America’s startup and small-capitalization company ecosystems, the Equity Capital Formation (ECF) Task Force formed in June 2013 to 1) examine the challenges that America’s startups and small-cap companies face in raising equity capital in the current public market environment, and 2) develop recommendations for policy-makers that will help such companies gain greater access to the capital they need to grow their businesses and generate private sector job growth. The task force’s efforts have been informed by discussions flowing from The Securities and Exchange Commission’s Decimalization Roundtable (February 2013), which examined the impacts of decimalized pricing of securities on IPOs, trading, and liquidity for small and middle capitalization companies; and from the Capital Access Innovation Summit convened by the Treasury Department and the Small Business Administration in June 2013, which focused on the impact of the JOBS Act of 2012 on capital formation for emerging growth companies and what additional measures might benefit this process.

The Report

"From the On-Ramp to the Freeway: Refueling Job Creation and Growth by Reconnecting Investors with Small-Cap Companies"
Presented to the U.S. Department of the Treasury

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Press Release

On June 25, 2014, ECF Task Force comments on SEC Order to Develop a Tick Size

On February 12, 2014, ECF Task Force Co-Chairs issued a press release supporting passage of legislation calling for pilot trading program for small-cap companies

On January 22, 2014, ECF Task Force Co-Chairs issue a press release endorsing the call for a pilot trading program for small cap companies.

On November 11, 2013, the ECF Task Force issued a press release regarding its report presented to the U.S. Department of the Treasury.


These letters have been submitted to the SEC in support of a pilot program for small caps.

January 30, 2014 - Kenneth I. Moch, President and CEO, Chimerix

January 30, 2014 - Clive Williams, Andrew M. Brooks and Christopher P. Hayes, T. Rowe Price Associates, Inc.

January 30, 2014 - John Daley, Chairman of the Board, and Jim Toes, President & CEO, Security Traders Association

January 30, 2014 - Kate D. Mitchell, Managing Director, Scale Venture Partners

January 30, 2014 - E. Cartier Esham, Executive Vice President, Emerging Companies, Biotechnology Industry Organization

January 29, 2014 - Ronald J. Kruszewski, Chairman, President & CEO, and Thomas Weisel, Co-Chairman of the Board, Stifel, Nicolaus & Company, Inc.

January 29, 2014 - Cheryl Cargie, Senior Vice President, Head of Trading, Ariel Investments

January 29, 2014 - Bobby Franklin, President and CEO, National Venture Capital Association

January 29, 2014 - Carter D. Mack, President, JMP Group Inc.

January 27, 2014 - Peter Barris, et al., Partners, New Enterprise Associates

January 27, 2014 - David Weild, IV, Chairman & CEO, and Edward H. Kim, Managing Director, IssuWorks

January 27, 2014 - Joseph Saluzzi and Sal Arnuk, Partners and Co-Founders, Themis Trading LLC

January 24 - Craig Schiffer, General Partner, Tribeca Land & Cattle LP

January 23, 2014 - Hal S. Scott, Director, Committee on Capital Markets Regulation

January 23, 2014 - Joshua Green, General Partner, Mohr Davidow Ventures; Chairman, National Venture Capital Association

January 22, 2014 - Scott Kupor, Managing Partner, Andreessen Horowitz and Jeffrey M. Solomon, CEO, Cowen and Company

January 21, 2014 - Timothy J. Keating, CEO, Keating Capital, Inc. and President, Keating Investments, LLC


"Rebuilding the IPO On-Ramp: Putting Emerging Companies and the Job Market Back on the Road to Growth"
Issued by the IPO Task Force

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SEC Announces Pilot Plan to Assess Stock Market Tick Size Impact for Smaller Companies
SEC Press Release - August 26, 2014
Order Directing the Exchanges and FINRA to Submit a Tick Size Pilot Plan
SEC Order - June 24, 2014
SEC Proposes Rules to Increase Access to Capital for Smaller Companies
SEC Press Release - December 18, 2013

Supporting Documents

Plan to Implement a Tick Size Pilot Program
Submitted by National Securities Exchanges and FINRA to SEC
High Frequency Trading's Impact on the Economy - Webcast and Testimonies
Senate Committee on Banking, Housing, and Urban Affairs Subcommittee on Securities, Insurance, and Investments - Hearing
Is the IPO Market Fixed ?
Equity Capital Formation Task Force
Discussion of the JOBS Act - The Impact on Companies and Markets One Year Later and New Ideas for Capital Formation - Transcript
SEC Advisory Committee on Small and Emerging Companies - Open Meeting
The JOBS Act After One Year: A Review of the New IPO Playbook
Latham & Watkins LLP
Reducing Barriers to Capital Formation, Part II - Ken Moch, CEO of Chimerix, on behalf of the Biotechnology Industry Organization
House Subcommittee on Capital Markets and Government Sponsored Enterprises - Hearing
The Trouble with Small Tick Sizes
Grant Thornton
Report to Congress on Decimalization - As Required by Section 106 of the Jumpstart Our Business Startups Act
U.S. Securities and Exchange Commission
Roundtable on Decimalization - Transcript
U.S. Securities and Exchange Commission
SEC Roundtable on Decmalization
Grant Thornton
Equity Market Structure Literature Review, Part I: Market Fragmentation
Staff of the Division of Trading Markets, U.S. Securities and Exchange Commission
Can Brokers Have it all? On the Relation between Make Take Fees & Limit Order Execution Quality - Presentation
Robert Battalio, Shane Corwin and Robert Jennings
Can Brokers Have it all? On the Relation between Make Take Fees & Limit Order Execution Quality - Paper
Robert Battalio, Shane Corwin and Robert Jennings
Road Map to Renewal - 2011 Year-End Report
Jobs Council


Brendon Weiss

NYSE / Vice President, Government Affairs

Terry G. Campbell

NASDAQ OMX / Head of Global Government Relations

Cheryl Cargie

Ariel Investments / Head of Trading

Jeff Corbin

KCSA Strategic Communications / CEO

Charles Crain

Manager, Policy & Research / BIO

Kevin Cronin

Invesco / Global Head of Trading

Jorge A. del Calvo

Pillsbury Winthrop Shaw Pittman / Partner

Justin Field

NVCA / Senior VP Federal Policy

Timothy J. Keating

Keating Investments / President

Scott Kupor, co-chair

Andreessen Horowitz / Managing Partner

Carter D. Mack

JMP Group Inc. / President

Kenneth Moch

Tom O’Mara

Cowen and Company / Senior Advisor

Hal S. Scott

Committee on Capital Markets Regulation / Director

Jeffrey Solomon, co-chair

Cowen and Company / CEO

James Toes

Security Traders Association / President & CEO

Joel Trotter

Latham & Watkins / Partner

Jason Vedder

Driehaus / Head of Trading