Back To The Future? (Regional Exchanges And Venture Exchanges)

Last week, in connection with the meeting of the SEC's Advisory Committee on Small and Emerging Companies, both Commissioner Aguilar and Commissioner Gallagher expressed interest in, and support for, a more thorough assessment of the utility of venture exchanges as a means of promoting capital formation.  Later in the week, speaking on the West Coast at Stanford Law School, Commissioner Stein also addressed venture exchanges and indicated her support for a concept release from the SEC regarding venture exchanges.  Tomorrow, the Subcommittee on Securities, Insurance and Investment of the Senate Committee on Banking, Housing and Urban Affairs will conduct a hearing on "Venture Exchanges and Small-Cap Companies."  Stephen Luparello, the Director of the SEC's Division of Trading and Markets, is scheduled to testify.  Additional information regarding the hearing and the testimony (when posted) is available here:   http://www.banking.senate.gov/public/index.cfm?FuseAction=Hear