In remarks at the 45th Annual Small Business Forum, U.S. Securities and Exchange Commission Commissioner Hester M. Peirce set out areas where the SEC could simplify capital raising and reduce compliance burdens for founders, growth-stage companies, and smaller public companies. The statement framed the forum’s panels as an opportunity to generate practical recommendations that could inform future SEC action. On early-stage fundraising, Peirce pointed to uncertainty around accredited investor concepts and suggested considering a “micro-offering” exemption under which issuers below a set offering amount could sell shares with no conditions other than antifraud obligations. She also referenced a potential regulatory structure for “finders,” an approach under consideration by the Small Business Capital Formation Advisory Committee, as a way to help founders connect with investors. For growth-stage financing, the remarks discussed broadening access to business development companies, venture capital funds, and small private funds, including via the INVEST Act proposal to amend section 3(c)(1) of the Investment Company Act of 1940 to raise limits for qualifying venture capital funds to 500 investors and USD 50 million from 250 investors and USD 10 million, and floated related ideas such as increasing limits for other issuers and expanding the definition of “Qualified Purchaser.” For smaller public companies, Peirce raised the possibility of moving away from mandatory quarterly reporting and pointed to the Commission’s ongoing initiative to streamline Regulation S-K, including concerns about expanded executive compensation disclosures and disclosure thresholds that have not been updated in years.
U.S. Securities & Exchange Commission 2026-03-09
U.S. Securities and Exchange Commission Commissioner Peirce highlights micro-offering, fund access and disclosure relief ideas at Small Business Forum
U.S. SEC Commissioner Hester M. Peirce, at the 45th Annual Small Business Forum, highlighted potential simplifications in capital raising and compliance for smaller companies. Suggestions included a "micro-offering" exemption for early-stage fundraising, a regulatory framework for "finders," and amendments to the Investment Company Act for venture capital funds. Peirce also proposed reducing mandatory quarterly reporting for smaller public companies and streamlining Regulation S-K.