UNITED STATES SECURITIES AND EXCHANGE COMMISSIONADVISORY COMMITTEE ONSMALL AND EMERGING COMPANIES
1. Committee’s Official Designation.
The official designation of the committee is
“Securities and Exchange Commission Advisory Committee on Small and EmergingCompanies” (the “Committee”).
The Committee is being established by the Securities and ExchangeCommission, through the exercise of its discretionary authority, in accordance withSection 9(c) of the Federal Advisory Committee Act, 5 U.S.C.
–App. (the “Act”).
3. Objective and Scope of Activities.
The Committee’s objective is to provide the
Commission with advice on its rules, regulations, and policies, with regard to its missionof protecting investors, maintaining fair, orderly, and efficient markets, and facilitatingcapital formation, as they relate to the following:(1)
capital raising by emerging privately held s
mall businesses (“emergingcompanies”) and publicly traded companies with less than $250 million in public market capitalization (“smaller public companies”) through securities
offerings, including private and limited offerings and initial and other publicofferings;(2)
trading in the securities of emerging companies and smaller public companies;and(3)
public reporting and corporate governance requirements of emergingcompanies and smaller public companies.
The Committee’s scope does not include, however, any p
olicies, practices, actions or
decisions concerning the Commission’s enforcement program.
4. Description of Duties.
The Committee shall function solely as an advisory body. Itsduties shall extend only to providing advice, including advice in the form of recommendations, to the Commission. The Commission shall retain full authority todetermine actions to be taken and policies to be expressed with respect to matters withinits jurisdiction upon which the Committee may provide advice.
5. Official to Whom the Committee Reports.
The Committee shall provide its adviceto the Commission through the Chairman of the Commission or a designee. TheCommittee need not reach consensus on every issue, and may choose to provide theCommission with differing views or a range of views.