“Small Cap Liquidity Reform Act”

By Eric Robins, Rebecca Konst and Joel Oswald.

On February 11, the House passed the “Small Cap Liquidity Reform Act” (H.R.3448) by a vote of 412 to 4. Introduced by Representatives Sean Duffy (R-WI) and John Carney (D-DE), the legislation would require the Securities and Exchange Committee to conduct a five-year pilot program to allow the stocks of emerging growth companies (EGCs) to quote in 5 or 10 cent increments (“tick size”).

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