The SEC’s Investor Advisory Committee announced its next meeting on October 12, beginning at 9.30 am. The agenda for the meeting includes remarks from Commissioners; a discussion regarding blockchain and other distributed ledger technology and implications for securities markets; an overview of law school clinic advocacy efforts on behalf of retail investors; a discussion regarding electronic delivery of information to retail investors (which may include a recommendation of the Investor as Purchaser Subcommittee); and subcommittee reports. The meeting will be webcast on the SEC’s site.
The Committee devoted the morning’s session to a discussion of the decline in the number of U.S. IPOs. Chair Clayton addressed the Committee and noted that the decline in the number of U.S. IPOs and in the number of listed companies was a concern. The Chair noted that the Director of the Division of Corporation Finance is “actively exploring ways in which we can improve the attractiveness of listing on our public markets, while maintaining important investor protections.” The panel heard from academics (see, for example, this article), as well as bankers about the changes in U.S. market dynamics that may be at the root of the decline in the number of IPOs. Slides from one of the presentations are available here.
The SEC’s Investor Advisory Committee has announced the agenda for its June 22 meeting. The committee will discuss issues relating to capital formation for smaller companies, including the decline in IPOs. The committee will also review certain provisions of the Financial CHOICE Act, as they relate to the SEC.
The meeting is open to the public and will be webcast live from the SEC’s website.
The SEC’s Investor Advisory Committee will hold a public meeting on March 9, 2017, from 9:00 a.m. to 11:55 a.m. The meeting’s agenda includes a discussion regarding SEC investor research initiatives, the FINRA 2016 Financial Capability Study and academic research on financial literacy; and a discussion regarding unequal voting rights of common stock. The meeting will be held at the SEC’s headquarters and will also be webcast live on the SEC’s website.