Senior executives with investment bank Cowen Inc. and accounting firm Grant Thornton LLP have joined with lawyers, company founders, and others to counsel the SEC on how it can help small businesses raise money.
The representatives of the business community are the Securities and Exchange Commission’s first appointees to its new Small Business Capital Formation Advisory Committee, the agency said April 25. The SEC tapped 15 people, including Cowen CEO Jeffrey Solomon and Grant Thornton national managing partner Robert Fox.
Other members of the panel include officials with watercraft maker MasterCraft Boat Holdings Inc., freelancing platform Upwork Inc., and technology and life sciences law firm Fenwick & West LLP. The committee also will have Martha Legg Miller, the SEC’s new advocate for small business capital formation, in addition to the 15 other members.
The panel, which came out of the 2016 SEC Small Business Advocate Act, succeeds the Advisory Committee on Small and Emerging Companies. That panel ended its work in 2017.
“As the Commission continues to focus on facilitating capital-raising opportunities for small- and medium-sized businesses and expanding investment opportunities for retail investors, input and expertise from such an experienced and diverse set of companies, entrepreneurs, and investors will be invaluable,” the SEC’s commissioners said in a joint statement.
The new committee will meet for the first time May 6.