SEC Reports On Its Small Business Forum

The SEC reported to Congress on the capital-raising framework recommendations made by participants in the 39th Annual Small Business Forum. The report was prepared by the SEC Office of the Advocate for Small Business Capital Formation and includes SEC responses to certain of the forum's recommendations.

According to the report, participants' recommendations included the following changes to the capital-raising framework:

• Accredited Investor. Participants recommended expansion of the definition of "accredited investor" to include other measures of sophistication (e.g., specialized professional experience). In response, the SEC noted its recent adoption of a final rule that added new qualification categories for accredited investors (see previous coverage).