On Thursday, November 20th, the 2014 SEC Government-Business Forum on Small Business Capital Formation met at the SEC headquarters in Washington, D.C. The forum was attended by SEC Chairwoman Mary Jo White, Commissioner Gallagher, SEC staff (the “Staff”) and featured presentations by lawyers, an Arkansas state securities regulator, and the SEC’s Senior Financial Economist, among others. Stanley Keller, a partner at Edwards Wildman Palmer led the panel, “Secondary Market Liquidity for Securities of Small Businesses.” He stressed the importance of liquidity in promoting capital formation, permitting the redeployment of capital, providing benefits to employees and giving companies more time grow. Mr. Keller noted that while the emergence of secondary market trading platforms has led to increased liquidity, there are concerns about investor protections and the adequacy of information provided by such platforms, which affects both investors and the transparency of the trading markets.
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