SEC’s Small Business Capital Formation Advisory Committee Holds July 22 Meeting

The SEC’s Small Business Capital Formation Advisory Committee held a meeting on July 22, 2025. A key topic of discussion at the meeting was Regulation A, which specifies a two-tier “exemption from registration for public offerings.” In his prepared remarks at the meeting, SEC Commissioner Mark Uyeda, while applauding the committee’s focus on increasing the use of Regulation A, argued that the “current regulatory framework” associated with it has a detrimental effect on “secondary market liquidity.” He further noted that “[m]aking Regulation A offerings more attractive to investors will improve the ability of small businesses to raise capital.”

Also see the speeches at the meeting by SEC Chairman Paul Atkins as well as Commissioners Hester Peirce and Caroline Crenshaw.