Press Release: SEC Adoption of Regulation A Reform

March 25, 2015


Helen Miazga
WR Hambrecht + Co
(212) 313-3237

WR Hambrecht + Co Statement on SEC Adoption of Regulation A Reform

Today, in an open meeting, the SEC Commissioners voted to adopt rules and forms related to the offer and sale of securities pursuant to Section 3(b) of the Securities Act of 1933 to implement Section 401 of the Jumpstart Our Business Startups Act (or JOBS Act). In doing so, the SEC has cleared a new path for capital raising by expanding and updating the Regulation A exemption for small issues. We believe this development has the promise to transform and re-invigorate a capital raising landscape that, in recent years, has grown increasingly challenging for smaller issuers as a result of industry consolidation, regulation and market structure.

WR Hambrecht + Co has long been an advocate for improving access to capital for small businesses. Based on his decades of experience working with growth companies as an investor and investment banker, our Chairman, Bill Hambrecht, has testified before the House Committee on Financial Services and presented to the SEC Advisory Committee on Small and Emerging Companies with our thoughts on spurring new growth in public capital formation and job creation for smaller issuers. We were honored that our commentary to the SEC was quoted extensively in the proposed Regulation A rules released in December 2013, and with today’s announcement, we once again would like to commend the SEC Commissioners for taking this important step in expanding access to capital markets.

“We’re already hearing from businesses across all sorts of industries who want to learn more about the changes in Regulation A and how they can take advantage of this powerful capital raising tool,” said John Hullar, Managing Partner at WR Hambrecht + Co. “We look forward to sponsoring and advising companies that want to raise capital through the expanded Regulation A exemption, which will enable them to invest in their business, stay independent and grow in the future. This is a breakthrough for companies that need growth capital, as well as for investors looking for real access to great small companies.”

About WR Hambrecht + Co: WR Hambrecht + Co was founded in January 1998 to level the playing field for investors and our corporate clients. Our Founder and Chairman, Bill Hambrecht, is a Silicon Valley pioneer that has been financing growth companies from Apple to Google during his time at Hambrecht & Quist and WRH+Co. The firm’s impartial auctions have dramatically changed the traditional investment banking landscape by allowing the market itself to determine pricing and allocations.


Additional information

View the SEC release here:

SEC Adopts Rules to Facilitate Smaller Companies’ Access to Capital

Morrison & Foerster Regulation A+ Final Rules Overview:

Final Rules Offer Important Capital Raising Alternatives