Policy Priorities

Investor Access

Modernizing Capital Markets

Access to Capital

Expand investor access to enable more Americans to benefit from this economic journey

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Access to Capital

Modernizing Capital Markets

Access to Capital

Help builders build by bolstering an entrepreneur's ability to raise capital from idea to IPO

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Modernizing Capital Markets

Improve the framework to drive efficiencies, increase transparency, and foster innovation

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Investor Access

Modernize the accredited investor standard

Expand on-ramps to become an accredited investor — and be eligible to invest in private assets — that reflect financial sophistication, education, and experience rather than only financial means, ensuring access is not limited to the economically privileged

Enable structured access to private markets

Codify the recent SEC decision to rescind previous staff guidance, now enabling retail investors to access SEC-registered funds that invest in private markets, providing access, diversification, and fiduciary oversight

Retirement access to private markets

Permit 403(b) retirement plans to invest in collective investment trusts (CITs) and insurance products that are available to other retirement savers, ensuring equal access to professionally managed investment opportunities

Access to capital

"Testing the waters"

Permit the submission of confidential draft registration statement with potential investors that enables companies to engage investors, receive feedback, and gauge interest — "test the waters" — before committing to go public

Lower barriers and costs to IPO

Clarify that emerging growth companies (EGCs) need to only provide two years of audited financial statements, accelerating IPO readiness

Expand well-known seasoned issuer status

Enabling more companies to qualify for WKSI status will help them gain faster access to capital and increase flexibility in their communications and offerings, supporting them at various stages of their lifecycle

Scope challenges for growth-stage businesses

Direct the study on the costs and challenges small- and mid-sized companies face when going public, providing policymakers insights needed to identify barriers and craft solutions to reduce friction and improve market access

Modernize Capital Markets

Permit electronic delivery

Allow companies and funds to to default to electronic communications with investors, which reduces costs, drives efficiencies, and improves investor access to information

Improve efforts to tailor rules

Direct the SEC to update its small entity definition and establish small business offices within its rulemaking divisions, helping to ensure rules are appropriately tailored and that startups and emerging managers have a voice in the policymaking process

Protecting seniors and investors

Create a Senior Investor Task Force at the SEC to monitor risks, identify misconduct and pursue bad actors that target vulnerable investors, strengthening confidence and integrity across markets

Policy Priorities

Investor Access

Modernizing Capital Markets

Access to Capital

Access to Capital

Modernizing Capital Markets

Access to Capital

Modernizing Capital Markets

Modernizing Capital Markets

Modernizing Capital Markets

Investor Access

Modernize the accredited investor standard

Enable structured access to private markets

Retirement access to private markets

Access to capital

"Testing the waters"

Lower barriers and costs to IPO

Expand well-known seasoned issuer status

Scope challenges for growth-stage businesses

Modernize Capital Markets

Permit electronic delivery

Improve efforts to tailor rules

Protecting seniors and investors

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