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{{Infobox person
{{Infobox person
| image = David Weild Photograph.jpg
| name = David Weild
| birth_date =
| image = David Weild Photograph.jpg
| caption = Photo by Yolanda Perez
| birth_date =
| caption = Photo by Yolanda Perez
| alma_mater = [[Wesleyan]] and [[New York University]]’s [[Stern School of Business]]
| alma_mater = [[Wesleyan]] and [[New York University]]’s [[Stern School of Business]]
| religion =
| religion =
| birth_name =
| birth_name =
| imagesize =
| imagesize =
| occupation = Investment banker
| occupation = Investment banker
|known_for = Former Vice Chairman of [[NASDAQ]]
| known_for = Former Vice Chairman of [[NASDAQ]]
| spouse = Christi Weild
}}
}}


'''David Weild IV''' is a stock market expert best known for his position as Vice Chairman of [[NASDAQ]]. He is currently the Founder, Chairman and CEO of Weild & Co. Inc., parent company of the investment banking firm Weild Capital, LLC (dba Weild & Co.)<ref>{{cite web |url=http://www.issuworks.com/#!team/cho9 |title=Team |accessdate=November 11, 2013}}</ref> Weild is also known as the "father" of the [[JOBS Act]], and has been involved in drafting legislation for the US Congress.
'''David Weild IV''' is a stock market expert best known for his position as Vice Chairman of [[NASDAQ]]. He is currently the Founder, Chairman and CEO of Weild & Co. Inc., parent company of the investment banking firm Weild Capital, LLC (dba Weild & Co.)<ref>{{cite web |url=http://www.issuworks.com/#!team/cho9 |title=Team |accessdate=November 11, 2013}}</ref> Weild is also known as the "father" of the [[JOBS Act]], and has been involved in drafting legislation for the [[United States Congress|US Congress]].


==Early life==
==Early life==
Line 25: Line 27:
==Writings and legislative efforts==
==Writings and legislative efforts==
===Restructuring US stock markets===
===Restructuring US stock markets===
Weild became known nationally for his advocacy of changing the US laws applied to IPOs when he was interviewed for a 1994 cover story on the issue by ''[[Businessweek]]''.<ref name=BW94 />{{Primary source inline|reason=We need a secondary source establishing that he became known for this, not just the primary source itself|date=March 2020}} Weild wrote articles on the subject for several international business newspapers over the years. In August 2010 he wrote about the equity market structure's systemic unfairness to small investors in an article for the ''[[Financial Times]]''.<ref>{{cite news |url=http://www.ft.com/intl/cms/s/0/1f6e817c-b3cb-11df-81aa-00144feabdc0.html#axzz2GOEHD74t |author=David Weild |title=Equity market structure caters to interests of the few |date=August 30, 2010 |accessdate=December 28, 2012 |newspaper=[[Financial Times]]}}</ref> In October 2011 he called also for a new stock market to support small companies in an op-ed run in the ''[[Wall Street Journal]]''.<ref>{{cite news |url=https://www.wsj.com/articles/SB10001424052970203554104577001522344390902 |title=How to Revive Small-Cap IPOs |newspaper=[[Wall Street Journal]] |author=David Weild |date=October 27, 2011 |accessdate=January 3, 2012}}</ref> He himself had overseen more than 1000 equity offerings during his career.<ref>{{cite web|url=http://www.grantthornton.com/staticfiles/GTCom/Public%20companies%20and%20capital%20markets/Bios/Weild_David_bio.pdf |title=David Weild Bio |accessdate=December 28, 2012 |url-status=dead |archiveurl=https://web.archive.org/web/20150620135247/http://www.grantthornton.com/staticfiles/GTCom/Public%20companies%20and%20capital%20markets/Bios/Weild_David_bio.pdf |archivedate=June 20, 2015 }}</ref> His studies have also been cited by national magazines. In November 2009 ''[[The Economist]]'' wrote about stock market structure as a possible cause for the decline in the number of publicly listed companies, citing work published at [[Grant Thornton LLP]] by Weild.<ref>{{cite news |url=http://www.economist.com/node/14853140?story_id=14853140 |title=High-speed slide |date=November 12, 2009 |accessdate=January 3, 2012 |newspaper=[[The Economist]]}}</ref>
Weild became known nationally for his advocacy of changing the US laws applied to IPOs when he was interviewed for a 1994 cover story on the issue by ''[[Businessweek]]''.<ref name=BW94 /> Weild wrote articles on the subject for several international business newspapers over the years. In August 2010 he wrote about the equity market structure's systemic unfairness to small investors in an article for the ''[[Financial Times]]''.<ref>{{cite news |url=http://www.ft.com/intl/cms/s/0/1f6e817c-b3cb-11df-81aa-00144feabdc0.html#axzz2GOEHD74t |author=David Weild |title=Equity market structure caters to interests of the few |date=August 30, 2010 |accessdate=December 28, 2012 |newspaper=[[Financial Times]]}}</ref> In October 2011 he called also for a new stock market to support small companies in an op-ed run in the ''[[Wall Street Journal]]''.<ref>{{cite news |url=https://www.wsj.com/articles/SB10001424052970203554104577001522344390902 |title=How to Revive Small-Cap IPOs |newspaper=[[Wall Street Journal]] |author=David Weild |date=October 27, 2011 |accessdate=January 3, 2012}}</ref> He himself had overseen more than 1000 equity offerings during his career.<ref>{{cite web|url=http://www.grantthornton.com/staticfiles/GTCom/Public%20companies%20and%20capital%20markets/Bios/Weild_David_bio.pdf |title=David Weild Bio |accessdate=December 28, 2012 |url-status=dead |archiveurl=https://web.archive.org/web/20150620135247/http://www.grantthornton.com/staticfiles/GTCom/Public%20companies%20and%20capital%20markets/Bios/Weild_David_bio.pdf |archivedate=June 20, 2015 }}</ref> His studies have also been cited by national magazines. In November 2009 ''[[The Economist]]'' wrote about stock market structure as a possible cause for the decline in the number of publicly listed companies, citing work published at [[Grant Thornton LLP]] by Weild.<ref>{{cite news |url=http://www.economist.com/node/14853140?story_id=14853140 |title=High-speed slide |date=November 12, 2009 |accessdate=January 3, 2012 |newspaper=[[The Economist]]}}</ref>


In February 2012 he wrote for ''[[Crain's New York Business|Crain's New York Magazine]]'' about rebuilding the IPO market for smaller firms, especially in the shadow of the failed [[Facebook]] IPO.<ref>{{cite news |url=http://www.crainsnewyork.com/article/20120212/SUB/302129981 |author=David Weild |title=Rebuilding the IPO market |date=February 12, 2012 |accessdate=December 28, 2012 |publisher=[[Crain's New York Business]]}}</ref> A few months later, the US Congress passed legislation to improve IPO financing rules. Weild became known as the head of the New Markets Movement,<ref>{{cite web |url=http://www.thestreet.com/story/11378432/1/new-markets-movement-takes-aim-at-sarbanes-oxley.html |accessdate=December 28, 2012 |publisher=[[TheStreet.com]] |title=New Markets Movement Takes Aim at Sarbanes-Oxley |date=January 17, 2012}}</ref> pushing for an end to one-size-fits all stock markets. His efforts led the ''Wall Street Journal'' to call him the "Small-cap IPO evangelist".<ref>{{cite news |url=https://blogs.wsj.com/venturecapital/2012/01/13/movement-aims-to-rally-investors-to-fix-ipo-market/ |author=Russ Garland |title=Movement Aims To Rally Investors To Fix IPO Market |date=January 13, 2012 |accessdate=January 3, 2013 |newspaper=[[Wall Street Journal]]}}</ref> Weild also co-authored a section of the 2012 book ''Broken Markets'' by Financial Times Press, in which he made a direct link between the lower number of American IPOs and lowered job creation.<ref>{{cite web |url=http://blogs.cfainstitute.org/investor/2012/11/23/book-review-broken-markets/ |title=Book Review: Broken Markets |author=Rodney Sullivan |publisher=CFA Institute}}</ref>
In February 2012 he wrote for ''[[Crain's New York Business|Crain's New York Magazine]]'' about rebuilding the IPO market for smaller firms, especially in the shadow of the failed [[Facebook]] IPO.<ref>{{cite news |url=http://www.crainsnewyork.com/article/20120212/SUB/302129981 |author=David Weild |title=Rebuilding the IPO market |date=February 12, 2012 |accessdate=December 28, 2012 |publisher=[[Crain's New York Business]]}}</ref> A few months later, the US Congress passed legislation to improve IPO financing rules. Weild became known as the head of the New Markets Movement,<ref>{{cite web |url=http://www.thestreet.com/story/11378432/1/new-markets-movement-takes-aim-at-sarbanes-oxley.html |accessdate=December 28, 2012 |publisher=[[TheStreet.com]] |title=New Markets Movement Takes Aim at Sarbanes-Oxley |date=January 17, 2012}}</ref> pushing for an end to one-size-fits all stock markets. His efforts led the ''Wall Street Journal'' to call him the "Small-cap IPO evangelist".<ref>{{cite news |url=https://blogs.wsj.com/venturecapital/2012/01/13/movement-aims-to-rally-investors-to-fix-ipo-market/ |author=Russ Garland |title=Movement Aims To Rally Investors To Fix IPO Market |date=January 13, 2012 |accessdate=January 3, 2013 |newspaper=[[Wall Street Journal]]}}</ref> Weild also co-authored a section of the 2012 book ''Broken Markets'' by Financial Times Press, in which he made a direct link between the lower number of American IPOs and lowered job creation.<ref>{{cite web |url=http://blogs.cfainstitute.org/investor/2012/11/23/book-review-broken-markets/ |title=Book Review: Broken Markets |author=Rodney Sullivan |publisher=CFA Institute}}</ref>


===JOBS Act===
===JOBS Act===

==== JOBS Act ====
On June 20, 2012 Weild provided testimony to the [[U.S. House of Representatives]] Financial Services Committee
On June 20, 2012 Weild provided testimony to the [[U.S. House of Representatives]] Financial Services Committee
Capital Markets and Government Sponsored Entities Subcommittee's "hearing on market structure: Ensuring orderly, efficient, innovative and competitive markets for issuers and investors". He testified that inadequate tick sizes were damaging the ability of Wall Street to properly execute and support IPOs. As a result, small cap companies were being deprived of access to capital which in turn was undermining growth in the American economy.<ref name=UHOR>{{cite web |url=http://financialservices.house.gov/uploadedfiles/hhrg-112-ba16-wstate-dweild-20120620.pdf |title=Hearing on market structure: Ensuring orderly, efficient, innovative and competitive markets for issuers and investors |accessdate=December 28, 2012 |date=June 20, 2012 |publisher=[[U.S. House of Representatives]]}}</ref> He also testified several times before the [[U.S. Securities and Exchange Commission|SEC Advisory Committee on Small and Emerging Companies]] and US Congress in the effort of passing the April 5, 2012 [[Jumpstart Our Business Startups Act]] through the US government, including hearings in November 2009 and June 2010.<ref>{{cite web |url=https://www.sec.gov/info/smallbus/acsec/acsec-backgroundmaterials-060812.htm |title=Background Materials Provided to Members |date=June 8, 2012 |accessdate=December 28, 2012 |publisher=[[U.S. Securities and Exchange Commission|SEC]]}}</ref> Weild continued to testify before the US government regarding their ineffective rules for dealing with small cap corporations.<ref>{{cite web |url=https://www.sec.gov/info/smallbus/acsec/acsec-090712-weild-kim-slides.pdf |date=September 7, 2012 |publisher=[[U.S. Securities and Exchange Commission|SEC]] |author=David Weild and Edward Kim |title=Making stock markets work for the economy: The trouble with small tick sizes}}</ref> The [[JOBS Act]] was signed into law by the President in April 2012. The final bill relied heavily on studies done by Weild and coauthor [[Edward H. Kim|Edward Kim]].<ref>{{cite book |url=https://books.google.com/books?id=hRVxh0F830sC&q=David+Weild+JOBS+act&pg=PA196 |page=196 |author=Sal L. Arnuk, and Joseph C. Saluzzi |title=Broken Markets: How High Frequency Trading and Predatory Practices on Wall Street are Destroying Investor Confidence and Your Portfolio |year=2012 |publisher=FT Press |isbn=9780132875264 |accessdate=January 3, 2013}}</ref> His efforts have led him to be known as the "Father" of the JOBS Act, according to ''[[Forbes Magazine]]''.<ref>{{cite magazine |url=https://www.forbes.com/sites/devinthorpe/2013/08/06/live-interview-with-crowdfunding-leader-david-weild-iv/ |date=August 6, 2013 |magazine=[[Forbes Magazine]] |accessdate=October 11, 2013 |author=Devin Thorpe |title=Live Interview With Crowdfunding Leader David Weild IV}}</ref><ref>{{cite web |url=http://www.pli.edu/Content/Faculty/David_Weild_IV/_/N-4oZ1z12ykw?ID=PE1045377 |title=David Weild IV |accessdate=October 11, 2013}}</ref>
Capital Markets and Government Sponsored Entities Subcommittee's "hearing on market structure: Ensuring orderly, efficient, innovative and competitive markets for issuers and investors". He testified that inadequate tick sizes were damaging the ability of Wall Street to properly execute and support IPOs. As a result, small cap companies were being deprived of access to capital which in turn was undermining growth in the American economy.<ref name="UHOR">{{cite web |url=http://financialservices.house.gov/uploadedfiles/hhrg-112-ba16-wstate-dweild-20120620.pdf |title=Hearing on market structure: Ensuring orderly, efficient, innovative and competitive markets for issuers and investors |accessdate=December 28, 2012 |date=June 20, 2012 |publisher=[[U.S. House of Representatives]]}}</ref> He also testified several times before the [[U.S. Securities and Exchange Commission|SEC Advisory Committee on Small and Emerging Companies]] and US Congress in the effort of passing the April 5, 2012 [[Jumpstart Our Business Startups Act]] through the US government, including hearings in November 2009 and June 2010.<ref>{{cite web |url=https://www.sec.gov/info/smallbus/acsec/acsec-backgroundmaterials-060812.htm |title=Background Materials Provided to Members |date=June 8, 2012 |accessdate=December 28, 2012 |publisher=[[U.S. Securities and Exchange Commission|SEC]]}}</ref> Weild continued to testify before the US government regarding their ineffective rules for dealing with small cap corporations.<ref>{{cite web |url=https://www.sec.gov/info/smallbus/acsec/acsec-090712-weild-kim-slides.pdf |date=September 7, 2012 |publisher=[[U.S. Securities and Exchange Commission|SEC]] |author=David Weild and Edward Kim |title=Making stock markets work for the economy: The trouble with small tick sizes}}</ref> The [[JOBS Act]] was signed into law by the President in April 2012. The final bill relied heavily on studies done by Weild and coauthor [[Edward H. Kim|Edward Kim]].<ref>{{cite book |url=https://books.google.com/books?id=hRVxh0F830sC&q=David+Weild+JOBS+act&pg=PA196 |page=196 |author=Sal L. Arnuk, and Joseph C. Saluzzi |title=Broken Markets: How High Frequency Trading and Predatory Practices on Wall Street are Destroying Investor Confidence and Your Portfolio |year=2012 |publisher=FT Press |isbn=9780132875264 |accessdate=January 3, 2013}}</ref> His efforts have led him to be known as the "Father" of the JOBS Act, according to ''[[Forbes Magazine]]''.<ref>{{cite magazine |url=https://www.forbes.com/sites/devinthorpe/2013/08/06/live-interview-with-crowdfunding-leader-david-weild-iv/ |date=August 6, 2013 |magazine=[[Forbes Magazine]] |accessdate=October 11, 2013 |author=Devin Thorpe |title=Live Interview With Crowdfunding Leader David Weild IV}}</ref><ref>{{cite web |url=http://www.pli.edu/Content/Faculty/David_Weild_IV/_/N-4oZ1z12ykw?ID=PE1045377 |title=David Weild IV |accessdate=October 11, 2013}}</ref>

Later, the [[U.S. Securities and Exchange Commission|SEC]] itself has expanded a number of provisions of the JOBS Act, including:

In 2017 the “Confidential Filings” provisions.<ref>{{Cite web|title=SEC.gov {{!}} SEC's Division of Corporation Finance Expands Popular JOBS Act Benefit to All Companies|url=https://www.sec.gov/news/press-release/2017-121#:~:text=SEC%27s%20Division%20of%20Corporation%20Finance%20Expands%20Popular%20JOBS%20Act%20Benefit%20to%20All%20Companies,-FOR%20IMMEDIATE%20RELEASE&text=The%20Securities%20and%20Exchange%20Commission,on%20a%20non-public%20basis|access-date=2020-11-30|website=www.sec.gov}}</ref>

In 2019 the “Testing the Waters” provisions.<ref>{{Cite web|title=SEC.gov {{!}} SEC Adopts New Rule to Allow All Issuers to “Test-the-Waters”|url=https://www.sec.gov/news/press-release/2019-188|access-date=2020-11-30|website=www.sec.gov}}</ref>

In 2020 the SEC increased the limits on Crowdfunding from $5 million to $1.07 million and Reg. A+ to $75 million from $50 million.<ref>{{Cite web|title=Huge news: SEC to raise Regulation Crowdfunding limit to $5M from $1.07M|url=https://republic.co/blog/huge-news-sec-raises-regulation-crowdfunding-limit-from-1-07mm-to-5mm|access-date=2020-11-30|website=republic.co}}</ref>

==== JOBS Act 3.0 ====
In the U.S. there is bipartisan interest to improve capital formation given the decline in the number of start-ups and IPOs. Weild present as a JOBS Act 3.0 like a new form of stock exchange - a “Venture Exchange” that would be optimized for small public companies, their investors and the brokerage firms and investment banks required to support them.<ref>{{Cite web|date=2019-02-26|title=David Weild: The Collapse of the Small IPO is Undermining Entrepreneurship, Tokenization May Help Fix the Problem|url=https://www.crowdfundinsider.com/2019/02/144901-david-weild-the-collapse-of-the-small-ipo-is-undermining-entrepreneurship-tokenization-may-help-fix-the-problem/|access-date=2020-11-30|website=Crowdfund Insider|language=en-US}}</ref>

In 2009, Senator [[Ted Kaufman|Kaufman]] gave a speech on the floor of the US Senate where he concluded, “The question, finally, is this: How can we create a market structure that works for a $25 million IPO — both in the offering and the secondary aftermarket. If we can answer that question, Mr. President, this country will be back in business.”<ref>{{Cite web|title=UD Library: Senator Ted Kaufman — Senator for Delaware: Newsroom - Press Release|url=http://green.lib.udel.edu/webarchives/kaufman.senate.gov/press/press_releases/release/-id=352c7e34-1cad-4ad3-b31c-c267bd492d1a.htm|access-date=2020-11-30|website=green.lib.udel.edu}}</ref>

JOBS Act 3.0 which was known  the JOBS and Investor Confidence Act of 2008 passed the House in an overwhelmingly bipartisan manner (406-4).<ref>{{Cite web|last=Gonzalez|first=Guadalupe|date=2018-07-16|title=What Is the JOBS Act 3.0? New Bill Could Make It Easier to Go Public|url=https://www.inc.com/guadalupe-gonzalez/what-is-jobs-act-30-investor-confidence-act-2018.html|access-date=2020-11-30|website=Inc.com|language=en}}</ref> It was an omnibus bill that included legislation to create a new form of stock exchange (a “venture exchange”) but the legislation stalled in the Senate when the Trump Administration shut the budget process down over building the Wall and the legislation got stuck in limbo.   This was an attempt to create an exchange that would incentivize the aftermarket support and distribution required to successfully bring back the small IPO.<ref>{{Cite web|last=Drive|first=Kevin M. LaCroix 2000 Auburn|last2=Suite 200Beachwood|last3=LaCroix"|first3="legalName":"Kevin M.|last4=LaCroix"|first4="name":"Kevin M.|last5="telephone":"378-7817"|last6=Drive|first6="streetAddress":"2000 Auburn|last7=Suite 200 "|last8="addressLocality":"Beachwood"|last9="addressRegion":"OH"|date=2018-07-24|title=House Passes JOBS Act 3.0|url=https://www.dandodiary.com/2018/07/articles/securities-laws/house-passes-jobs-act-3-0/|access-date=2020-11-30|website=The D&O Diary|language=en-US}}</ref>


===Further criticism of US IPO markets===
===Further criticism of US IPO markets===
Line 37: Line 56:


==Personal life==
==Personal life==
Weild is the brother of stage actress, director, and choreographer [[Kim Weild]]. His first child was born in 2001.<ref name=huf>{{cite news |url= http://www.huffingtonpost.com/david-weild-iv/but-for-the-grace-of-god-_b_1870187.html |author=David Weild |title=But For the Grace of God Go I |date=September 10, 2012 |accessdate=December 28, 2012 |work=[[Huffington Post]]}}</ref>
Weild is married to Christi Weild, and he has three children David Weild V, Michael Weild and Kelly Weild. He is the brother of stage actress, director, and choreographer [[Kim Weild]].<ref name=huf>{{cite news |url= http://www.huffingtonpost.com/david-weild-iv/but-for-the-grace-of-god-_b_1870187.html |author=David Weild |title=But For the Grace of God Go I |date=September 10, 2012 |accessdate=December 28, 2012 |work=[[Huffington Post]]}}</ref>


==References==
==References==
Line 46: Line 65:


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[[Category:Year of birth missing (living people)]]

Revision as of 11:59, 30 November 2020

David Weild
Photo by Yolanda Perez
Alma materWesleyan and New York University’s Stern School of Business
OccupationInvestment banker
Known forFormer Vice Chairman of NASDAQ
SpouseChristi Weild

David Weild IV is a stock market expert best known for his position as Vice Chairman of NASDAQ. He is currently the Founder, Chairman and CEO of Weild & Co. Inc., parent company of the investment banking firm Weild Capital, LLC (dba Weild & Co.)[1] Weild is also known as the "father" of the JOBS Act, and has been involved in drafting legislation for the US Congress.

Early life

Weild graduated from Hotchkiss School preparatory in 1974, then went on to earn a B.A. from Wesleyan and an M.B.A. from New York University’s Stern School of Business.[2]

Career

Weild spent the first fourteen years of his career in senior management positions at Prudential Securities.[2] In the mid-1990s he was head of its global equity transactions.[3] In 1999 he moved from the head of its technology investment banking business to run PrudentialSecurities.com.[4] He then transitioned to running the combined customer-facing internet services businesses of Prudential Financial.[5]

Soon afterwards, Weild became the executive vice-president for corporate clients at NASDAQ.,[6] and subsequently its Vice Chairman.[7]

He left the position in July 2003[8] to become CEO of the National Research Exchange.[9] He later founded Capital Markets Advisory Partners and simultaneously led the Capital Markets Group of Grant Thornton LLP, one of the six global audit, tax and advisory organizations.[7][10] Capital Markets Advisory Partners was later renamed Weild & Co. Holdings. He is also a frequent contributor to Bloomberg News.[11]

Writings and legislative efforts

Restructuring US stock markets

Weild became known nationally for his advocacy of changing the US laws applied to IPOs when he was interviewed for a 1994 cover story on the issue by Businessweek.[3] Weild wrote articles on the subject for several international business newspapers over the years. In August 2010 he wrote about the equity market structure's systemic unfairness to small investors in an article for the Financial Times.[12] In October 2011 he called also for a new stock market to support small companies in an op-ed run in the Wall Street Journal.[13] He himself had overseen more than 1000 equity offerings during his career.[14] His studies have also been cited by national magazines. In November 2009 The Economist wrote about stock market structure as a possible cause for the decline in the number of publicly listed companies, citing work published at Grant Thornton LLP by Weild.[15]

In February 2012 he wrote for Crain's New York Magazine about rebuilding the IPO market for smaller firms, especially in the shadow of the failed Facebook IPO.[16] A few months later, the US Congress passed legislation to improve IPO financing rules. Weild became known as the head of the New Markets Movement,[17] pushing for an end to one-size-fits all stock markets. His efforts led the Wall Street Journal to call him the "Small-cap IPO evangelist".[18] Weild also co-authored a section of the 2012 book Broken Markets by Financial Times Press, in which he made a direct link between the lower number of American IPOs and lowered job creation.[19]

JOBS Act

JOBS Act

On June 20, 2012 Weild provided testimony to the U.S. House of Representatives Financial Services Committee Capital Markets and Government Sponsored Entities Subcommittee's "hearing on market structure: Ensuring orderly, efficient, innovative and competitive markets for issuers and investors". He testified that inadequate tick sizes were damaging the ability of Wall Street to properly execute and support IPOs. As a result, small cap companies were being deprived of access to capital which in turn was undermining growth in the American economy.[10] He also testified several times before the SEC Advisory Committee on Small and Emerging Companies and US Congress in the effort of passing the April 5, 2012 Jumpstart Our Business Startups Act through the US government, including hearings in November 2009 and June 2010.[20] Weild continued to testify before the US government regarding their ineffective rules for dealing with small cap corporations.[21] The JOBS Act was signed into law by the President in April 2012. The final bill relied heavily on studies done by Weild and coauthor Edward Kim.[22] His efforts have led him to be known as the "Father" of the JOBS Act, according to Forbes Magazine.[23][24]

Later, the SEC itself has expanded a number of provisions of the JOBS Act, including:

In 2017 the “Confidential Filings” provisions.[25]

In 2019 the “Testing the Waters” provisions.[26]

In 2020 the SEC increased the limits on Crowdfunding from $5 million to $1.07 million and Reg. A+ to $75 million from $50 million.[27]

JOBS Act 3.0

In the U.S. there is bipartisan interest to improve capital formation given the decline in the number of start-ups and IPOs. Weild present as a JOBS Act 3.0 like a new form of stock exchange - a “Venture Exchange” that would be optimized for small public companies, their investors and the brokerage firms and investment banks required to support them.[28]

In 2009, Senator Kaufman gave a speech on the floor of the US Senate where he concluded, “The question, finally, is this: How can we create a market structure that works for a $25 million IPO — both in the offering and the secondary aftermarket. If we can answer that question, Mr. President, this country will be back in business.”[29]

JOBS Act 3.0 which was known  the JOBS and Investor Confidence Act of 2008 passed the House in an overwhelmingly bipartisan manner (406-4).[30] It was an omnibus bill that included legislation to create a new form of stock exchange (a “venture exchange”) but the legislation stalled in the Senate when the Trump Administration shut the budget process down over building the Wall and the legislation got stuck in limbo.   This was an attempt to create an exchange that would incentivize the aftermarket support and distribution required to successfully bring back the small IPO.[31]

Further criticism of US IPO markets

Part of what Weild called for in 2012 was the potential founding of a new stock market that could handle the financing needs of small cap companies, and promote small businesses in the US. The goal for him is to grow the number of IPOs per year, by creating conditions that could suit the aftermarket support needs of companies smaller than those currently pursuing IPOs as a part of their business strategies.[32] In changing the size of ticks, Weild has argued that fractions of stock prices is too hard to differentiate for a lot of investors, and that ticks could instead be measured in terms of pennies, nickels, dimes, or quarters, instead of simply pennies or fractions.[33] Weild has stated that larger economic incentives to support small-capitalization stocks could buoy prices and liquidity leading to more IPOs and, thus, an acceleration in job creation. He has warned that the number of IPOs required per year to simply maintain historical numbers of publicly listed companies in the U.S. is at least 360, and that this number has not been met since 2000.[34] A pilot program completed by FINRA and reported on July 3, 2018 found no support for this position. It found that in comparison to a control group quoting small cap stocks in nickels instead of pennies decreased trading, rather than increased it as predicted, and did not increase or even decreased the number of market makers for those stocks.[35] Weild was unpersuaded by the results of the study, citing unspecified problems with the pilot. "“I’m 100% right,” Weild said.[36]

Personal life

Weild is married to Christi Weild, and he has three children David Weild V, Michael Weild and Kelly Weild. He is the brother of stage actress, director, and choreographer Kim Weild.[37]

References

  1. ^ "Team". Retrieved November 11, 2013.
  2. ^ a b "AUGUST 2012: DAVID WEILD IV '74". August 1, 2012. Archived from the original on June 20, 2015. Retrieved December 28, 2012.
  3. ^ a b Cover story (April 3, 1994). "Beware The Ipo Market". Businessweek. Retrieved December 28, 2012.
  4. ^ PATRICK McGEEHAN with LAURA M. HOLSON (November 25, 1999). "Insurer Unit Set to Acquire Investing Firm". New York Times. Retrieved December 28, 2012.
  5. ^ "New Jobs". Investment News. November 22, 1999. Retrieved December 28, 2012.
  6. ^ David Henry (April 29, 2001). "What Else Can Go Wrong at Nasdaq? Well..." Businessweek. Retrieved December 28, 2012.
  7. ^ a b "David Weild Iv, Founder & Chairman Capital Markets Advisory Partners". October 9, 2012. Archived from the original on December 29, 2012. Retrieved December 28, 2012.
  8. ^ "Nasdaq brings in Aust and Blatney". July 8, 2003. Retrieved December 28, 2012.
  9. ^ Julia Boorstin (February 14, 2006). "A seal of approval for small-company investments". CNN Money. Retrieved December 28, 2012.
  10. ^ a b "Hearing on market structure: Ensuring orderly, efficient, innovative and competitive markets for issuers and investors" (PDF). U.S. House of Representatives. June 20, 2012. Retrieved December 28, 2012.
  11. ^ "David Weild on Bloomberg". Retrieved December 28, 2012.[permanent dead link]
  12. ^ David Weild (August 30, 2010). "Equity market structure caters to interests of the few". Financial Times. Retrieved December 28, 2012.
  13. ^ David Weild (October 27, 2011). "How to Revive Small-Cap IPOs". Wall Street Journal. Retrieved January 3, 2012.
  14. ^ "David Weild Bio" (PDF). Archived from the original (PDF) on June 20, 2015. Retrieved December 28, 2012.
  15. ^ "High-speed slide". The Economist. November 12, 2009. Retrieved January 3, 2012.
  16. ^ David Weild (February 12, 2012). "Rebuilding the IPO market". Crain's New York Business. Retrieved December 28, 2012.
  17. ^ "New Markets Movement Takes Aim at Sarbanes-Oxley". TheStreet.com. January 17, 2012. Retrieved December 28, 2012.
  18. ^ Russ Garland (January 13, 2012). "Movement Aims To Rally Investors To Fix IPO Market". Wall Street Journal. Retrieved January 3, 2013.
  19. ^ Rodney Sullivan. "Book Review: Broken Markets". CFA Institute.
  20. ^ "Background Materials Provided to Members". SEC. June 8, 2012. Retrieved December 28, 2012.
  21. ^ David Weild and Edward Kim (September 7, 2012). "Making stock markets work for the economy: The trouble with small tick sizes" (PDF). SEC.
  22. ^ Sal L. Arnuk, and Joseph C. Saluzzi (2012). Broken Markets: How High Frequency Trading and Predatory Practices on Wall Street are Destroying Investor Confidence and Your Portfolio. FT Press. p. 196. ISBN 9780132875264. Retrieved January 3, 2013.
  23. ^ Devin Thorpe (August 6, 2013). "Live Interview With Crowdfunding Leader David Weild IV". Forbes Magazine. Retrieved October 11, 2013.
  24. ^ "David Weild IV". Retrieved October 11, 2013.
  25. ^ "SEC.gov | SEC's Division of Corporation Finance Expands Popular JOBS Act Benefit to All Companies". www.sec.gov. Retrieved 2020-11-30.
  26. ^ "SEC.gov | SEC Adopts New Rule to Allow All Issuers to "Test-the-Waters"". www.sec.gov. Retrieved 2020-11-30.
  27. ^ "Huge news: SEC to raise Regulation Crowdfunding limit to $5M from $1.07M". republic.co. Retrieved 2020-11-30.
  28. ^ "David Weild: The Collapse of the Small IPO is Undermining Entrepreneurship, Tokenization May Help Fix the Problem". Crowdfund Insider. 2019-02-26. Retrieved 2020-11-30.
  29. ^ "UD Library: Senator Ted Kaufman — Senator for Delaware: Newsroom - Press Release". green.lib.udel.edu. Retrieved 2020-11-30.
  30. ^ Gonzalez, Guadalupe (2018-07-16). "What Is the JOBS Act 3.0? New Bill Could Make It Easier to Go Public". Inc.com. Retrieved 2020-11-30.
  31. ^ Drive, Kevin M. LaCroix 2000 Auburn; Suite 200Beachwood; LaCroix", "legalName":"Kevin M.; LaCroix", "name":"Kevin M.; "telephone":"378-7817"; Drive, "streetAddress":"2000 Auburn; Suite 200 "; "addressLocality":"Beachwood"; "addressRegion":"OH" (2018-07-24). "House Passes JOBS Act 3.0". The D&O Diary. Retrieved 2020-11-30.{{cite web}}: CS1 maint: numeric names: authors list (link)
  32. ^ Emily Lambert (March 23, 2011). "Trading Places". Forbes. Retrieved December 28, 2012.
  33. ^ Telis Demos (December 12, 2012). "On Second Thought, Fractions May Not Add Up". Wall Street Journal. Retrieved December 28, 2012.
  34. ^ Alexandra Zendrian (February 1, 2010). "The Short-Time Senator". Forbes. Retrieved December 28, 2012.
  35. ^ "Assessment of the Plan To Implement A Tick Size Pilot Program" (PDF). Financial Industry Regulatory Authority. August 2, 2018. Retrieved September 25, 2018. {{cite journal}}: Cite journal requires |journal= (help)
  36. ^ Bill Alpert (September 14, 2018). "Congress' Failed Stock Market Experiment Cost Investors $900 Million". Barron's. Retrieved September 25, 2018.
  37. ^ David Weild (September 10, 2012). "But For the Grace of God Go I". Huffington Post. Retrieved December 28, 2012.
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