In The Know

In The Know

In The Know is an exclusive Business Law Section member benefit. Earn free business law CLE by attending these hot-topic webinars developed by practice-area experts.

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Audio, video, and materials from In The Know programs are available to Business Law Section members shortly after each webinar. CLE credit is only available for programs that are live or in the on-demand library.

Upcoming Program

Venture Exchanges: Providing Liquidity for Small Cap Companies?

July 30, 2019
1:00 p.m. - 2:30 p.m. Eastern

The creation of venture exchanges has been proposed as a way to facilitate capital formation for smaller, growth-stage companies.  Venture exchanges involve:

  • A public trading venue (open to individual retail investors and functioning as an exchange, with some transparency in pricing);
  • A commitment to smaller, growth-stage companies;
  • The ability for existing investors to sell their shares to new investors on the exchange; and
  • The ability of the issuer to raise capital in connection a decision to list the shares for secondary trading.

A venture exchange may make it less expensive for companies to raise money, as investor funds would not be tied up indefinitely; investors could have some assurance that there would be a market for their shares.   Employees and service providers who receive options or shares as compensation would also have a market for their shares.   Ordinary retail investors would be able to participate in this market, thereby giving them access to an asset class with potentially higher growth trajectories than the stock of larger and more fully developed companies.

The realization of this venture exchange model under the U.S. law requires several layers of regulation.  This program will discuss the regulatory scheme applicable to venture exchanges under U.S. securities laws and explore the benefits and potential pitfalls of this method of accessing capital. 


  • Bonnie J. Roe (moderator), Cohen & Gresser, New York, NY
  • Gary Ross, Ross Law Group, PLLC, New York, NY
  • Linda Lerner, Crowell & Moring, New York, NY
  • Sara Hanks, CrowdCheck, Washington, DC
  • Annemarie Tierney, Templum, Inc., New York, NY

Presented by: Securitization and Structured Finanace Committee

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Audio, video, and materials from In The Know programs are available to Business Law Section members shortly after each webinar.

Accreditation Information

States typically decide whether a program qualifies for MCLE credit in their jurisdiction 4-8 weeks after the program application is submitted.  For many live events, credit approval is not received prior to the program. 

The ABA will seek 1.5 hours of CLE credit in 60-minute states and 1.8 hours of CLE credit in 50-minute states. Credit hours are estimated and are subject to each state’s approval and credit rounding rules. Please visit for general information on CLE at the ABA.

Scholarship Information

A limited number of scholarships are available to defray the registration fee upon application. Preference will be given to practitioners with limited means and unemployed attorneys. Please contact Quiana Nesbit for more information at