Earlier this month, the SEC approved a new securities market for smaller companies called BX Venture Market. Demand for such a market highlights a constant tension between the SEC's goal of facilitating capital formation on one hand and protecting investors and markets on the other. Issuers unable to meet the listing standards of NYSE and NASDAQ may benefit from the more relaxed requirements of BX Venture Market. The new market could be a great fit for companies trading over-the-counter and thinking about an initial exchange listing, or companies that have been delisted from a national securities exchange and are looking for a better-regulated listing alternative than what was previously available. Companies listed on BX Venture Market must be registered under the Exchange Act, current in periodic filings, and have an independent audit committee, among other requirements.