The Securities and Exchange Commission, Small Business Capital Formation Advisory Committee (SBCFAC) has scheduled its next meeting to discuss two key topics: Finders and secondary trading in private securities.
Finders has been a long-time issue regarding private securities, specifically early-stage, and the SEC has discussed addressing the challenges for years. In effect, if you introduce an investor to a private company and take compensation, you may be in breach of securities law. If you do not have a wealthy network or do not live in Silicon Valley, it can be hard to raise private funds. By creating new rules for Finders, the Commission could enable more firms to meet investors.
Regarding private securities trading, the SBCFAC says it will “begin exploring” the private secondary market. Providing liquidity for private firms beyond an IPO or an M&A event is good for investors. Yet challenges remain. Some of which can be easily addressed.
The Committee will discuss how to support liquidity needs and investor demand, and its impact on the venture sector. Secondary transactions are also an important aspect of the securities crowdfunding marketplace under the full stack of online capital formation exemptions.
The SBCFAC meeting will take place at SEC Headquarters in Washington, D.C., on Tuesday, Feb. 24, 2026, at 10 a.m. ET. It will also be live-streamed on the SEC website.
The complete agenda is available below.