inSecurities
Capital Ideas With Martha Legg Miller
Jan 19, 2024
Martha Legg Miller, Vice President of Public Policy at Fidelity Investments and former Director of the SEC's Office of the Advocate for Small Business Capital Formation, discusses the role of the Advocate, key takeaways from the Office's Annual Report, recent SEC rulemaking proposals, capital needs for small businesses, the costs of going public, and the challenges and prospects of the Climate Risk Disclosure rule.
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Quick takeaways
- The decline in deal volume and VC exits is attributed to challenges in later stage deal-making activity and limited secondary market liquidity in the private markets, highlighting the importance of addressing these issues for the growth of the economy.
- The annual report issued by the Office of the Advocate for Small Business Capital Formation offers comprehensive data and recommendations to improve the capital raising landscape, emphasizing the need for well-informed policy decisions based on sound data and understanding the language of securities law.
Deep dives
Challenges in Small Business Capital Formation
The podcast discusses the challenges in small business capital formation, highlighting the need for external funds for most businesses. It mentions the significance of capital formation for the vibrancy of markets, innovation, and job creation. The decline in deal volume and VC exits is attributed to challenges in the later stage deal-making activity and limited secondary market liquidity in the private markets. It emphasizes the importance of new companies being formed for the longevity and growth of the economy. The summary also touches on the costs of going public and compliance, highlighting the impact on smaller entities.
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