United States Venture Exchange: Has the Time Come?
In recent years there has been increased interest in the idea of establishing a venture exchange or a venture market in the United States with less strict listing and regulatory rules to serve smaller and startup companies. The idea behind such an exchange is that a lighter-regulatory touch would encourage more small, start-up companies to use the public markets to raise capital, in part to replace commercial banks who have reduced lending to these companies, in part in response to regulatory capital requirements.This talk will address the opportunities and challenges such a venture market would face, as well as what such a market would need to offer investors, issuers, broker dealers and other parties in order for such a market to succeed.
Meet the Panelists:
Stanley Keller, Of Counsel, Locke Lord
Matt Orsagh, Director, Capital Markets Policy, CFA Institute
Robert Peterman, Director, Global Business Development - Toronto Stock Exchange, TSX Venture Exchange, and TSX Private Markets
Stanley Keller has extensive experience in corporate and securities law, and has worked on regulatory developments with officials at all levels in the SEC. He chaired the American Bar Association's Federal Regulation of Securities Committee during the height of the Sarbanes-Oxley era, and in that capacity had responsibility for interacting on behalf of the private bar with the SEC, other governmental officials and the stock exchanges. He was actively involved with the ABA's Task Force dealing with the SEC's attorney conduct rules, with the ABA Task Force on Corporate Responsibility and with the ABA Task Force on Attorney-Client Privilege. He also was chair of the ABA Legal Opinions Committee and Audit Responses Committee, and he is a participant in the ABA's Corporate Laws Committee. He is a member of the TriBar Opinion Committee and was the reporter for its Remedies Opinion Report and its Report on Preferred Stock Opinions. Mr. Keller is co-chair of the Boston Bar Association's Task Force on Revision of the Massachusetts Business Corporation Law, which drafted the current Massachusetts corporation statute, and chaired the BBA's Business Law Section, Corporation Law Committee, and Legal Opinions Committee. Mr. Keller lectures widely for continuing legal education organizations, and has written and edited many articles and treatises on corporate, securities law and professional responsibility matters.
Matthew Orsagh has worked for more than a decade in the field of global corporate governance. In 2008, he was named one of the "Rising Stars of Corporate Governance" by the Millstein Center for Corporate Governance and Performance at the Yale School of Management. His expertise is in the area of corporate governance and disclosure best practices, ESG, shareowner rights, short-termism, and financial regulation.
At CFA Institute, Mr. Orsagh writes about and speaks to audiences about pressing issues in global market integrity and corporate governance. He leads projects aimed at fostering greater transparency and accountability in global financial markets, promulgates CFA Institute's Capital Markets Policy Group corporate disclosure positions, policies, and standards; and coordinates and supports related public awareness activities.
Previously, Mr. Orsagh worked as a research analyst at Governance Metrics International, where he evaluated the corporate governance of hundreds of international publicly-traded companies and prepared detailed reports assessing firms' corporate governance strengths and weaknesses based on quantitative ratings. He trained analysts in the importance of corporate governance, the intricacies of corporate governance ratings, and spoke on behalf of the firm to small groups and conference audiences. Earlier in his career, he served as a senior analyst for Noonan Russo Communications, where he managed investor relations accounts for international biotechnology companies, and developed strategic investor relations plans in coordination with company executives. Mr. Orsagh holds an MBA degree in Finance from Georgia State University and a BA degree in Communications and English from the University of Notre Dame.
Robert Peterman is Director, Global Business Development at Toronto Stock Exchange (TSX), TSX Venture Exchange (TSXV), TSX Private Markets (TPM). He is responsible for domestic and international business development activities for TSX, TSXV; including the Beijing office and TSX and TSXV's presence in the United Kingdom. The exchanges combined, are home to over 3,100 public issuers. During 2015 $57.7B was raised by companies on TSX and TSXV making it one of the largest exchanges in the world for raising equity capital.
Robert has worked in Corporate Finance on TSX Venture Exchange working with companies and completing Exchange due diligence as they go public. In addition, he worked as the Head of Business Development for the Clean Technology sector during a period where the market capitalization of the sector increased by $10B.
Robert completed his MBA at the Richard Ivey School of Business. Prior to working at TMX, Robert worked in Corporate Strategy for a subsidiary of Brookfield Asset Management. He was a council member of the Ivey Entrepreneurship Council and a Director of the Necessary Angel Theatre Company. Currently he is also an advisor to SVX (Social Venture Exchange) a joint venture between TMX Group and MARS.