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Small Business Rulemaking Video Gallery
Jan. 10, 2024
The following videos are from the Office of the Advocate for Small Business Capital Formation and are meant to provide a high-level summary of the relevant policy or rulemaking.
How to Comment
Engage in the Rulemaking Process
The SEC’s Office of the Advocate for Small Business Capital Formation
breaks down how easy it can be to comment on proposed rulemakings.
Learn more about how to submit comments.
Recent Policy and Rulemaking
New Climate-Related Disclosure Rules
On March 6, 2024, the SEC adopted rules to require the disclosure of certain climate-related information by public companies and in public offerings. This brief video provides a high-level summary of the new rules. Read the press release.
Related Information
On April 4, 2024, the SEC issued a stay of the rules pending judicial review of litigation on the rulemaking.
Review the fact sheet and adopting release for more details.
Find the Climate-Related Disclosures Proposal video and press release.
SPACs, Shell Companies, and Projections Rules
On January 24, the SEC adopted rules to expand the investor protections in transactions involving SPACs, or special purpose acquisition companies. The SEC also adopted rules governing shell company business combinations and disclosure of projections in Commission filings. Read the press release.
Related Information
Review the fact sheet and the adopting release for more information.
Find the SPACs, Shell Companies, and Projections Proposal video and press release.
Policy and Rulemaking Highlights
| Title and Video | Description | Related Information |
|---|---|---|
| Dodd-Frank Review of the Accredited Investor Definition | On December 15, the SEC released a staff review of the accredited investor definition as it pertains to natural persons. Read the press release. |
Find the Office of the Advocate for Small Business Capital Formation’s latest recommendations on the accredited investor definition in the Office’s 2023 annual report. |
| Private Fund Adviser Rules | On August 23, 2023, the SEC adopted rules that expand the restrictions and requirements that apply to private fund advisers. Read the press release. |
This chart provides an overview of the new rules. Private Funds Advisor Proposal video and press release. |
| JOBS Act Inflation Adjustments | On September 9, 2022, the SEC adopted amendments to Regulation Crowdfunding and the definition of Emerging Growth Company to implement inflation adjustments mandated by the JOBS Act. Read the press release. | This infographic highlights the changes. |
| Proposals to Modernize Equity-Based Compensation (Rule 701 & Form S-8) | On November 24, 2020, through two rule proposals, the SEC proposed changes to exempt offering Rule 701 and Form S-8, which are the primary methods through which companies issue equity compensation, that would change how and to whom equity compensation can be issued. Press releases for both proposals are as follows: temporary platform worker ("gig economy") proposal and other proposed amendments. |
Find comments received for the temporary platform worker proposal. Find comments received for the other proposed amendments proposal. |
| Amendments to the Exempt Offering Framework | On November 2, 2020, the SEC adopted changes to the exempt offering framework that are intended to harmonize, simplify, and improve the tools used by businesses and their investors when raising capital, whether to support a start-up raising its first round of funding or a company preparing to one day conduct an initial public offering. Read the press release. |
Overview chart of Amended Capital-Raising Exemptions Capital Formation Proposal video and press release Harmonization Concept Release video and press release COVID-19 Crowdfunding Relief video and press release |
| Finders Proposed Exemptive Order | On October 7, 2020, the SEC proposed a conditional exemption to permit “finders” to engage in limited activities on behalf of businesses seeking to raise investment capital without having to register as a broker. These so-called "finders," who may identify and in certain circumstances solicit potential investors, help to bridge the gap between small businesses that need capital and investors who are interested in supporting them. Read the press release. |
Comparative overview chart illustrating key permissible activities of Finders. Comments received for this proposed exemptive order are available. |
| Accredited Investor Amendments | On August 26, 2020, the SEC adopted amendments that update the accredited investor definition, adding additional means for individuals and entities to be eligible to invest in the private capital markets. These changes became effective on December 8, 2020. Read the press release. |
Accredited Investor Proposal video and press release |
| Accelerated Filer Amendments (404(b)) | On March 12, 2020, the SEC adopted amendments that tailor the accelerated and large accelerated filer definitions, impacting which companies must provide the Sarbanes-Oxley Rule 404(b) independent auditor attestation of their internal controls over financial reporting. Read the press release. |
Accelerated Filer Proposal video and press release |
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On September 16, 2020, the SEC adopted amendments Exchange Act Rule 15c2-11 to modernize the rule that broker-dealers must comply with before quoting securities in the over-the-counter market– or OTC market, including changes to increase the availability of information about over-the-counter companies. Read the press release. |
Modernizing Rule 15c2-11 Proposal video and press release. | |
| On May 21, 2020, the SEC adopted amendments to improve disclosures about acquisitions and dispositions of businesses under Rules 3-05, 3-14, and Article 11 of Regulation S-X. Read the press release. | Simplifying M&A Accounting Rules Proposal video and press release. |