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Welcome to the Information Products Page

This page lists information products that cover small issuer capital market topics.  Please note that the links have been disabled.  You may request a copy of the information item by sending a request to:


Brad Smith
SME Capital Markets

The small issuer capital market is in a transition phase as its actors adjust to new SEC Smaller Reporting Companies regulatory regimes. Research initiatives will be undertaken to provide macro information about the new program as it becomes available.


Information products are provided in the form of research reports, studies, surveys, whitepapers, lists, and directories.

Links to directories are provided to help people, who are working on small company capitalization projects, find knowledgeable specialists.

Information products are offered to facilitate knowledge exchange, inform readers about SME capital market segments, and provide research resources to help third parties develop business and capitalization plans. Typically, this information is not easily found anywhere else.


Alternative Markets

Alternative Markets Global List identifies more than 90 markets.


Alternative Markets Overviews of more than 50 alternative markets.

Auditors’ Survey and Research Report About Small Business Issuers and SEC Reporting: Challenges and Solutions

This 60-page research report's findings were based on surveying PCAOB Registered Accounting Firms that work under the SEC's Regulation S-B securities regime on SB-2 registrations and 10KSB filings and analyzing input from expert informants and reviewing SOX information sources and examples of existing SOX compliance solutions. It examines what auditors believe must be done to help small public companies meet public reporting compliance requirements, particularly under the Sarbanes-Oxley Act. The report and its related SOX Information Sources Worksheet will be useful to officers, directors, and audit committee members as they develop SOX compliance plans, and auditors, attorneys, regulators, policy-makers, and small public company stakeholders who are working on SOX compliance issues.


Auditors’ Survey and Research Report About Small Business Issuers and SEC Reporting


Auditors’ Survey & Research Report SOX Information List

This worksheet will help others undertake their own SOX implementation research.
The worksheet identifies more than 200 SOX information pieces and, in most instances, provides URLs where they can be downloaded. It has been compiled as a starting point to help others undertake their own Sarbanes-Oxley projects or audit policy research. This is not a definitive list, and you are invited to recommend new information pieces to enhance this list.


Auditors’ Survey and Research Report SOX Information Sources


Capital Market Information Sources


Capital Market Information Sources lists entities that offer securities, regulatory, and capital market information.


2006 SB-2 Capital Market Research Report - Released July 2007


This 83-page research report covers the SB-2 capital market segment by presenting a profile of facts about companies that undertake SB-2 registrations, making year-over-year comparisons of key facts and providing a list of the accounting and law firms who worked on 2006 SB-2 registrations. From 1995-2006, 6,599 SB-2 registrations have been undertaken. 1034 SB-2 registrations were recorded during 2006, making it a new record-high year. This report includes comprehensive analyses of 931 SB-2 registrations that were undertaken during 2006. 931 companies registered 44.6 billion shares with a maximum aggregate offering price of $11.3-billion. 795 (77%) of the 2006 SB-2 registrants trade on an exchange or OTC market, and 661 (64%) trade on the OTCBB. These 795 SB-2 registrants produced $24.2 billion of market cap value. SB-2 registrants were supported by two important groups of professionals including: 289 audit firms and 326 law firms. Top ten lists for auditors and law firms are presented, and the report includes a list of all the audit and law firms that worked on SB-2 registrations during 2006. The SB-2 Research Report provides an analysis of 12 data elements including value ranges, SIC, market segment, geographical reach, secondary market venues, officer and director head-counts and SB-2 registrant company website analytics. The report offers market intelligence and identifies new business opportunity recommendations that can benefit people who work in the SB-2 capital market segment. An SB-2 worksheet that lists data elements for each of the 931 SB-2 registrant companies covered in this report can be purchased if one wants to do more analysis of SB-2 registrant data. Information in this report will benefit small issuer officer and director teams, attorneys, auditors, broker-dealers, market makers, service and solution providers, policy-makers, regulators, and other stakeholders who work on entry-level capital market projects.


2006 SB-2 Capital Market Research Report


2005 SB-2 Capital Market Research Report – Released July 2006


This 75-page report covers the SB-2 capital market niche that is enabled by the SEC's small business issuer regime. It includes history about the registration program and macro facts about companies that undertook SB-2 registrations during 2005. It analyzes market intelligence to identify 25 new business opportunities. Business owners, officers and directors, broker-dealers, investment bankers, market makers, product and service vendors, and other elements in the small public company market place including: SEC, PCAOB and government policy-makers and regulators, members of associations such as the AICPA, and entities working on COSO-related projects, CPA firms, attorneys, CFOs and other finance and accounting staff, audit committee members, independent financial expert board members, management consultants, compliance and internal controls specialists, IT application developers, researchers, and entry-level capital market stakeholders will benefit from its information.


2005 SB-2 Capital Market Research Report

2005 SB-2 Capital Market Research Report Worksheet

The SB-2 Research Report Worksheet lists 792 companies that filed an SB-2 registration during 2005 and includes comprehensive data elements. Information presented in this SB-2 Capital Market Research Report Worksheet was gathered by reviewing SB-2 registration documents and other sources. Twelve data elements were checked for each of the 792 companies listed including: identified trading symbol and exchange listing or OTC market venue for 511 of the SB-2’s listed on the worksheet; presented Market Cap Value of SB-2 filing companies with trading symbols; presents total SB-2 shares to be registered by each company; presents company’s SIC code; provides SB-2 filing company’s website address; identifies and lists each company's SB-2 attorney and their SB-2 accountant; provides a count of each company’s officers and directors; identifies if an SB-2 filing company had an independent audit committee or not; and identifies and lists each company’s stock transfer agent.

 SME Capital Market Neural Networks Whitepaper

This whitepaper covers neural network theory and how its functionality enables SME capital market niches to organize and develop.


SME Capital Market Neural Networks Whitepaper

SME Capital Market Neural Networks’ Information Items

This worksheet provides examples of platforms that support creating neural networks and presents information about the country, population, or market reach of each one.


SME Capital Market Neural Networks’ Information Items

SME-level Capital Market Structure - Functional Schematic

SME Capital Market Functional Schematic is presented as a research resource that others can use as a starting point to develop more detailed schematics for the SME capital market segment that their project must address.


SME Capital Market Structure Functional Schematic


SME Capital Market Structure Project to Develop Research Reports

This information piece is a resource to help readers identify subject areas to cover in future research reports. This is a research query format to gather input to develop SME-level capital market information pieces. This document is formatted to help one quickly present a summary or overview of a distinct SME capital market program or segment. It provides information to identify research subjects and outlines topics to guide developing the recommended research report.


SME Capital Market Research Projects


SME Capital Market Participants and Their Roles Whitepaper


This white paper supports the proposition that SME capital market niches can be identified by describing the broadest possible array of market participant categories and roles. It contends that a broad definition of market participants creates the right frame to analyze entry-level capital market structures and is a necessary step to understand how success measures can be improved in a distinct niche.


SME Capital Market Participants and Their Roles Whitepaper

SME Capital Market Programs Worksheet

This is general category for accessing information that has been generated about SME Capital Markets. A worksheet has been developed that lists more than 1,000 URLs that provide information about programs to organize and develop SME capital markets, inform market participants, or help capitalize SMEs or monetize SME values. The SME Capital Market Programs Worksheet compiles lists of blogs, conferences, events, expos, forums, media sources, proceedings, and webcasts that present relevant content about capitalizing SMEs.

SME Capital Market Program Listings


SME Capital Market Whitepapers, Articles, Information Pieces and Studies

This is an ongoing effort to identify information pieces that make a meaningful contribution to developing knowledge about organizing and developing SME or entry-level capital markets. 
The worksheet is a list of information pieces about capital markets. Readers are invited to review this list and add relevant information.

Capital Market White Papers

Entities that Address SME Capital Markets Worksheet

This worksheet is a global list of entities that address SME capital market issues or that work to organize and develop SME capital markets.


List of Entities that Address SME Capital Markets


Securities Laws and Regulatory Organizations by Country

There are 256 countries in the world. This worksheet identifies the Securities Regulatory Organizations that govern organizing and developing SME Capital Markets in approximately 50% of these countries. This document is continually updated as new information becomes available.


Securities Laws and Regulatory Organizations by Country

Capital Markets Listed by Exchange

Stock exchanges are the highest form of market structure. A few exchange operators have developed SME-listing programs. As new initiatives are introduced, this worksheet will be updated. The Capital Markets by Exchange Worksheet lists 192 exchanges and identifies those that offer SME-listing programs. It also includes a list of countries that do not have a stock exchange.


Capital Markets Listed by Exchange


Other Information Products



Green Markets Research Information


Innovation Whitepapers


Technology Transfer and the Life Sciences by Ron Peterson

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