ACG’s Middle-Market Advocacy Summit is taking place in Washington, D.C., next week. In this week’s roundup, we look at the lineup for that event, plus news from the SEC. The agency’s newest commissioner was confirmed by the Senate, and its chairman, Jay Clayton, suggested the SEC will move to expand investor access to private markets.
ACG Middle-Market Advocacy Summit Next Week
On Sept. 12-13, ACG will hold its annual Middle-Market Advocacy Summit at the Willard InterContinental Hotel in Washington, D.C. This annual event gathers regulators, members of Congress and Beltway insiders to address the federal issues affecting middle-market businesses.
This keynote address at this year’s summit will be presented as a fireside chat with Chairman Jay Clayton of the Securities and Exchange Commission.
Other speakers include Dan Kowalski, counselor to the secretary of the treasury; Sen. Thom Tillis, R-N.C., of the Senate Banking Committee; Rep. Bill Foster, D-Ill.-11, and Rep. Dan Kildee, D-Mich.-05, of the House Financial Services Committee; Rep. Lloyd Smucker, R-Pa.-13, of the House Education and the Workforce Committee; and Kristin Brackemyre of the Public Affairs Council.
It’s not too late to register!
The SEC plans to release a “concept statement” in the next several months on potential changes to the definition of an accredited investor.
Elad Roisman Confirmed as SEC Commissioner
This week the Senate confirmed Elad Roisman, President Donald Trump’s choice to fill the seat of previous SEC Commissioner Michael Piwowar. Roisman, a Republican who was serving as chief counsel on the Senate Banking Committee, was previously an aide to former SEC Commissioner Daniel Gallagher. With Roisman’s confirmation, the five-member agency will be back to its full strength.
SEC Chairman Clayton Comments on Expanding Private Markets
The Wall Street Journal reported that SEC Chairman Clayton would like to make it easier for so-called Main Street investors to invest in private offerings of securities by expanding the definition of an “accredited investor.”
Currently, the definition is based on an investor’s net income or assets, which are poor indicators of financial sophistication. The SEC plans on releasing a “concept statement” in the next several months on potential changes to the definition, which would take into consideration an individual’s professional certifications (FINRA, CPA, etc.) and other investing knowledge.
Maria Wolvin is ACG Global’s vice president and senior counsel, public policy.
Ben Marsico is ACG Global’s manager of legislative and regulatory affairs.