Senator Thom Tillis (R-NC) sent a letter to SEC Commissioner Gary Gensler on June 9, 2021 urging him to abandon the commission’s proposed amendment to Rule 144.
The SPCC is grateful to Senator Tillis for his leadership on this issue.
News + Announcements
Securities attorney Laura Anthony of Anthony L.G. PLLC published a piece calling attention to the issues facing small public companies and their access to capital; specifically calling praising SPCC for being on the front lines of the effort to protect and preserve the small and microcap markets. Her blog is read by tens of thousands of unique readers each month.
Her post can be viewed here and below:
OTC Markets; Rule 144; The SPCC
June 8th, 2021
Small public companies are in trouble and they need help now! Once in a while there is a perfect storm forming that can only result in widespread damage and that time is now for small public companies, especially those that trade on the OTC Markets. The trains on track to collide include a combination of (i) the impending amended Rule 15c2-11 compliance deadline (which alone would be and is a clear positive); (ii) the proposed Rule 144 rule changes to eliminate tacking upon the conversion of market adjustable securities; (iii) the SEC onslaught of litigation against micro-cap convertible note investors claiming unlicensed dealer activity; (iv) the OTC Markets new across the board unwillingness to allow companies to move from the Pink to the QB if they have outstanding convertible debt; and (v) the SEC’s unwillingness to recognize the OTC Pink as a trading market and its implications on re-sale registration statements.
Continue reading “Laura Anthony Highlights Critical Work by SPCC”
Today, the Small Public Company (SPCC) filed comments on the Securities & Exchange Commission’s proposed amendment to Rule 144.
SPCC Mission & Goals
Background: Given the Securities and Exchange Commission (SEC) and FINRA’s recent targeting of the microcap industry, it is clear that the small and microcap markets are not only under significant scrutiny but are operating under vague regulations and guidance from regulators.
Purpose: The Small Public Company Coalition (SPCC) is a member-driven, federal advocacy coalition consisting of participants in the microcap space to support a fully operational, robust federal advocacy coalition. The SPCC will sustain dialogue with and petition the federal government as needed for the benefit of the industry.
Immediate and Long-Term Goals:
- Free the industry from fear:
- “When fair rules are set, we will play by them” – Establish a clear set of rules by which valid investors, issuers, and vendors can operate without the threat of onerous regulations or frivolous lawsuits
- Address the broker dealer registration issue and solidify a conclusion:
- Eliminate burdensome and uncertain registration requirements
- Defeat the SEC’s proposed Rule 144 amendment and solidify a conclusion:
- The SPCC submitted comments and organized an economic impact report to highlight this threat to the industry, and will continue to push back on harmful and poorly-researched proposals and rules from regulatory bodies
- Promote a fair clearinghouse ecosystem
- Establish a line of communication and a working relationship with the SEC and FINRA:
- Become a partner with the SEC and FINRA to ensure a healthy marketplace, where law-abiding participants thrive and bad actors are kept at bay
Benefits of Membership:
- Be a leading voice for small and microcap market participants in Washington.
- Exclusive access to industry lobbyists and lawyers to help you and your business stay on the cutting edge.
- Opportunities to connect with members of Congress, federal regulators, and key Washington influencers.
- Stay up-to-date on the latest industry news and alerts.
- Ability to connect your company to industry leaders and potential business connections.