Government-Business Forum on Small Business Capital Formation

The SEC will hold its annual Government-Business Forum on Small Business Capital Formation at its Washington, D.C. headquarters on November 20, 2014. The morning session will feature panel discussions on the definition of an accredited investor and secondary market liquidity for securities of small businesses. During the afternoon session, participants will work in groups to formulate specific policy recommendations. SEC Press Release.

Investor Autonomy

On October 15th, The Hill published a blog post by Hester Peirce, a member of the SEC’s Investor Advisory Committee. Peirce believes the Committee’s October 9, 2014 recommendations on the accredited investor definition were too conservative. The Dodd-Frank Act, which established the Committee, authorizes it to make recommendations that include "proposed legislative changes." Peirce therefore thinks the Committee should consider whether the existing statutory framework should be amended in order to restore investor autonomy. Peirce Comments.

Market Abuse Director Highlights Enforcement Trends

On October 14th, MarketWatch summarized the remarks of Daniel Hawke, who leads the Enforcement Division’s Market Abuse Unit, at a securities enforcement conference. His unit is using trading patterns and relationships to identify insider trading. And although the agency will be bringing more cases against alternative trading systems, those actions will not necessarily include high-frequency trading. Hawke Comments.