SEC Committee to Continue Discussing Challenges Facing Emerging Fund Managers

In an upcoming meeting on Feb. 25, 2025, the U.S. Securities and Exchange Commission’s Small Business Capital Formation Advisory Committee will continue discussing capital raising challenges facing emerging fund managers and hurdles experienced by small public companies not listed on a national securities exchange.

The committee – which provides advice and recommendations to the Commission on rules, regulations, and policy matters relating to small businesses – will review activities from 2024, including in-depth data on the state of capital raising activity from startup to small cap, along with the office’s policy recommendations.

The committee anticipates exploring ways to support and facilitate capital formation for emerging fund managers, building upon ideas previously generated at a November 2024 meeting. To facilitate discussion, committee members will hear from Ashok Kamal, executive director at NuFund Venture Group; and Sara Zulkosky, co-founder and managing partner at Recast Capital.

In the afternoon session, the committee will explore the challenges of small public companies – i.e., companies with a market capitalization of $250 million or less – not listed on a national securities exchange.

Understanding the decision-points and challenges those companies face is critical to fostering access to capital for, and investor participation in, those smaller public companies. As part of the discussion, members will hear from Dan Zinn, general counsel and chief of staff at OTC Markets Group.

Access the full agenda here. The event will be streamed.

In other SEC news, shortly after President Trump took office and appointed Mark T. Uyeda as acting chair of the Commission, Uyeda launched a crypto task force dedicated to developing a comprehensive and clear regulatory framework for crypto assets.

Uyeda will likely serve as acting chair until Trump’s nominee for Gensler’s successor, digital asset industry lobbyist Paul Atkins, completes his Senate confirmation process.

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