In today’s Congressional testimony, Chair White discussed a number of capital formation related initiatives.  She mentioned the Commission’s

  • Proposed amendments to modernize Rule 147 for intrastate offerings,
  • The tick-size pilot program
  • Division of Corporation Finance’s disclosure review initiative,
  • Review of the disclosure requirements for smaller public companies, and
  • Review of the “accredited investor” definition.

Commenting on the disclosure effectiveness review, Chair White provided some insight on the Commission Staff’s approach.  She noted that the “The staff is reviewing the disclosure requirements in phases. In the first phase of the review, the staff is focusing on the business and financial disclosures required by periodic and current reports, Forms 10-K, 10-Q and 8-K, and updates to certain Industry Guides. The staff also will consider whether disclosure requirements should be scaled for certain categories of issuers, such as smaller reporting companies or emerging growth companies, and, if so, how.”  The testimony can be accessed here: http://www.sec.gov/news/testimony/chair-white-testimony-sec-agenda-operations-2017-budget.html.