Remarks At The Meeting Of The SEC Advisory Committee On Small And Emerging Companies, SEC Commissioner Michael S. Piwowar, May 18, 2016

Thank you, Sara [Hanks] and Stephen [Graham]. First, I want to welcome everyone — our new committee members, as well as our returning members. I was unable to attend your first meeting in February, but you have hit the ground running. Today’s agenda is quite ambitious and I look forward to hearing the discussions and seeing any resulting recommendations. The committee will be discussing, among things, the accredited investor definition and Regulation D. In fact, the Commission adopted the notion of a so-called “accredited investor” in 1982 when it adopted Regulation D.