SEC names five members to small business capital advisory committee

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Dan Blystone

04.06.2026

SEC names five members to small business capital advisory committee — SEC expands advisory committee

The Securities and Exchange Commission is adding five new members to its Small Business Capital Formation Advisory Committee as it continues to shape policy for entrepreneurs and smaller public companies. The appointees receive four-year terms and join 15 current commission-appointed members, expanding the group that advises on access to capital in private and public markets.

Highlights

SEC appointed Anya Coverman, Joseph Lucosky, Andrew Prystai, Rodrigo Seira, and Erik Syvertsen to the Small Business Capital Formation Advisory Committee.
The five new members will serve four-year terms, joining 15 current members to advise on capital access for small businesses and smaller public companies.
The committee, with non-voting members from the SEC's Investor Advocate, NASAA, and SBA, advises on rules and policies impacting early-stage and smaller listed companies.

Committee appointments and mandate

According to the Securities and Exchange Commission, the five new committee members are Anya Coverman, president and CEO of the Institute for Portfolio Alternatives; Joseph Lucosky, managing partner at Lucosky Brookman LLP; Andrew Prystai, CEO and co-founder of EventVesta; Rodrigo Seira, partner at Cooley LLP; and Erik Syvertsen, head of asset management and chief legal officer at AngelList.

SEC Chairman Paul S. Atkins says he appreciates the new members' willingness to serve and describes the advisory committee as an important part of the commission's work to facilitate capital formation for entrepreneurs across the country. He adds that the agency is set to benefit from their collective experience as it works with existing members to improve pathways and access to capital for small businesses.

The new appointees join 15 current commission-appointed members already serving on the committee. Their terms run for four years.

Broader role in small business finance

Beyond the commission-appointed members, the committee includes three non-voting members named by the SEC's Investor Advocate, the North American Securities Administrators Association and the Small Business Administration. It also has an observer appointed by the Financial Industry Regulatory Authority.

The committee provides advice and recommendations to the commission on rules, regulations and policy matters affecting small businesses, including smaller public companies. Its membership is drawn from entrepreneurs, investors and advisers involved with early-stage private companies and smaller listed businesses, giving the SEC a broad industry perspective on capital-raising issues.

Our earlier report on ByzFunder’s first small-business receivables securitization outlined a $170 million Series 2026-1 issuance backed by a revolving pool of business loans and merchant cash advances. We noted that the structure can be expanded up to $500 million during the revolving period under specified conditions, and highlighted features such as limited noteholder control over upsizes and a partial call option schedule.

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