Good morning, ladies and gentlemen. It is a pleasure to welcome you to today's Committee meeting. While I very much regret that I am unable to join you in person, I am grateful for the opportunity to share a few reflections with you virtually.

Before discussing the items on today's agenda, I should like to recognize the prior work of this Committee to help widen pathways for individuals to qualify as accredited investors, particularly based on criteria beyond income or wealth.

Expanding investor access to private markets-while maintaining fraud prevention measures-has long been one of my top priorities. Thanks in part to this Committee's robust discussions and prior recommendations, last month the Commission issued notices of potential designations of additional ways to qualify as accredited investors, including by passing an exam to be developed by the Financial Industry Regulatory Authority (FINRA). The Commission's notices followed this Committee's previous recommendation, on three separate occasions, for a test demonstrating sophistication as an avenue to achieve accredited investor qualification. I have long advocated for that same idea, and I am happy to be leading the agency's effort on this front. Looking ahead, I very much look forward to public comments, including those of this Committee, on the concept of an examination and other designations.

Turning to today's meeting agenda, I should like to share a few reflections on my IPO Modernization initiative and Regulation Crowdfunding.

At the Committee's last meeting in July, I discussed the Commission's proposals for optional semiannual reporting, simplification of filer status, and registered offering reform. I am pleased that this Committee issued recommendations last month in support of all three proposals.

In line with one of my highest priorities, these proposals are generally aimed at reducing regulatory friction and incentivizing more companies to go and stay public. At the same time, my IPO Modernization initiative is aimed at eliminating unnecessary barriers that arise during the IPO process itself.

Among the most restrictive regulations are the gun-jumping prohibitions and exceptions contained in the Securities Act. Not only are these rules often confusing and difficult to navigate, but they can also chill issuers' and underwriters' communications with investors. Accordingly, I have directed the Commission staff to explore potential solutions, such as: first, re-evaluating limitations on the content of communications and the types of persons to whom communications can be made; second, providing brighter lines as to when communications constitute "offers" subject to the Securities Act's gun-jumping restrictions; and third, reducing "foot fault" violations by issuers, including through cure provisions that are straightforward to apply. Time does fly, but I should note that the Commission has not completed a comprehensive review of its communication rules since 2005 when I served as a Commissioner. So, it is high time that the SEC modernized its approach in this area.

Now, regarding the second topic on today agenda, Regulation Crowdfunding, I look forward to hearing from today's speakers on the successes and challenges of raising capital through this avenue. When the Commission adopted these crowdfunding rules in 2015, it stated that they "were intended to help provide startups and small businesses with capital by making relatively low dollar offerings of securities, featuring relatively low dollar investments by the 'crowd,' less costly." In the last decade, there have been more than 9,800 Regulation Crowdfunding offerings that have raised an average of $364,000.

To that end, I have asked Commission staff to evaluate which aspects of Regulation Crowdfunding can be amended to reduce compliance burdens and improve the rules' attractiveness for issuers and investors. I am also eager to hear your collective thoughts on such considerations.

In closing, I am grateful to each of you, as always, for your dedicated service on this Committee. Your thoughtfulness and expertise have played a pivotal role in expanding access to the capital that startups and small businesses need to grow and to innovate. So, thank you once again for your insights and recommendations. I look forward to those that will arise from today's meeting and to our shared work ahead.