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.
"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
On June 25, 2014, ECF Task Force comments on SEC Order to Develop a Tick Size
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 - Kate D. Mitchell, Managing Director, Scale Venture Partners
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
"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 |
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Order Directing the Exchanges and FINRA to Submit a Tick Size Pilot Plan
SEC Order - June 24, 2014 |
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SEC Proposes Rules to Increase Access to Capital for Smaller Companies
SEC Press Release - December 18, 2013 |