Hester M. Peirce is a Commissioner at the U.S. Securities and Exchange Commission. This post is based on her recent speech. The views expressed in this post are those of Commissioner Peirce and do not necessarily reflect those of the Securities and Exchange Commission or its staff.
Good morning, and thank you all for attending today’s meeting. Before diving into the topic du jour I would like to take a moment to commend this Committee on its recently approved recommendation on finders, which builds on past Committee work.[1] In particular, I appreciate the recommendation’s principles-based approach. High-level ideas can be more effective at informing commission thinking as we work through the minutiae of potential new rules. Your in-the-weeds discussions of recommendations are, however, very helpful. Over the weekend, I went back and watched the Committee’s most recent discussion on finders. What stood out is the recognition that a broker-dealer framework is inapt for small raises in which a community member is making introductions. This activity is distinct from broker-dealer activity.
