SIFMA: How to preserve vitality of public markets
24 May 2018 Washington DC
Image: Shutterstock
Brett Paschke, head of equity capital markets at investment bank at William Blair, has testified on behalf of the US鈥檚 Securities Industry and Financial Markets Association (SIFMA).
Paschke gave his testimony to the House Financial Services Subcommittee on Capital Markets, Securities and Investments at a hearing entitled 鈥橪egislative Proposals to Help Fuel Capital and Growth on Main Street鈥�.
SIFMA said in a 10-page note, which it published afterwards, that the testimony outlined several recommendations for preserving the vitality of the country鈥檚 public capital markets.
SIFMA added that it and a broad coalition joined together recently to produce a report called Expanding the On-Ramp: Recommendations to Help More Companies Go and Stay Public.
The report detailed a number of ideas to increase the attractiveness of public markets for issuers.
SIFMA said it believes that the report balances the need to streamline issuer obligations with a recognition that investor confidence is a critical component to the vibrancy of public capital markets.
Paschke said: 鈥淥n the capital markets side of our business [...] we [SIFMA] are best known for serving the needs of small and mid-cap growth companies, including many innovative leaders in technology, healthcare and life sciences.鈥�
鈥淥ver the last 10 years, we have been an underwriter on approximately 20 percent of all US-listed initial public offerings. We provide sell-side research for over 600 public companies, we are an active market maker in over 3,600 stocks, and our institutional sales force covers many of the world鈥檚 leading growth stock investors鈥�, he added.
SIFMA鈥檚 testimony focused on lengthening what it describes as the 鈥渙n-ramp鈥� for emerging growth companies, by expanding the ability of companies to take advantage of scaled reporting and confidential filing provisions.
The testimony also planned to expand the 鈥渢esting the waters鈥� provision of the JOBS Act (more fully known as the JumpStart Our Business Startups Act) to all issuers so that all would-be issuers are able to gauge investor interest ahead of an offering.
Paschke, in the conclusion to his testimony, said: 鈥淧olicymakers certainly have a challenge before them鈥攊mproving the vibrancy of our public markets while balancing investor protections.鈥�
He added: 鈥淏ut the US capital markets are the envy of the world and worth the effort to preserve. SIFMA and its members stand ready to assist the Committee and the US Securities and Exchange Commission in this important endeavour.鈥�
Paschke gave his testimony to the House Financial Services Subcommittee on Capital Markets, Securities and Investments at a hearing entitled 鈥橪egislative Proposals to Help Fuel Capital and Growth on Main Street鈥�.
SIFMA said in a 10-page note, which it published afterwards, that the testimony outlined several recommendations for preserving the vitality of the country鈥檚 public capital markets.
SIFMA added that it and a broad coalition joined together recently to produce a report called Expanding the On-Ramp: Recommendations to Help More Companies Go and Stay Public.
The report detailed a number of ideas to increase the attractiveness of public markets for issuers.
SIFMA said it believes that the report balances the need to streamline issuer obligations with a recognition that investor confidence is a critical component to the vibrancy of public capital markets.
Paschke said: 鈥淥n the capital markets side of our business [...] we [SIFMA] are best known for serving the needs of small and mid-cap growth companies, including many innovative leaders in technology, healthcare and life sciences.鈥�
鈥淥ver the last 10 years, we have been an underwriter on approximately 20 percent of all US-listed initial public offerings. We provide sell-side research for over 600 public companies, we are an active market maker in over 3,600 stocks, and our institutional sales force covers many of the world鈥檚 leading growth stock investors鈥�, he added.
SIFMA鈥檚 testimony focused on lengthening what it describes as the 鈥渙n-ramp鈥� for emerging growth companies, by expanding the ability of companies to take advantage of scaled reporting and confidential filing provisions.
The testimony also planned to expand the 鈥渢esting the waters鈥� provision of the JOBS Act (more fully known as the JumpStart Our Business Startups Act) to all issuers so that all would-be issuers are able to gauge investor interest ahead of an offering.
Paschke, in the conclusion to his testimony, said: 鈥淧olicymakers certainly have a challenge before them鈥攊mproving the vibrancy of our public markets while balancing investor protections.鈥�
He added: 鈥淏ut the US capital markets are the envy of the world and worth the effort to preserve. SIFMA and its members stand ready to assist the Committee and the US Securities and Exchange Commission in this important endeavour.鈥�
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