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Cowen Outlines Proposed Recommendations To Improve Small Cap Ecosystem

Cowen Inc. (NASDAQ:COWN) (“Cowen” or the “Company”) today announced that
its President, Jeffrey M. Solomon, served as a select member of a panel
at the Securities and Exchange Commission (SEC) Investor Advisory
meeting discussing “Capital Formation, Smaller
Companies, and the Declining Number of Initial Public Offerings

and provided an overview of his observations and recommendations to
improve the small cap ecosystem. Mr. Solomon, a vocal advocate in
support of small company capital formation, is co-chair of the Equity
Capital Formation (ECF) Task Force
, a group comprised of individuals
from across the country’s startup and small-capitalization company

During the panel discussion, Mr. Solomon discussed the changing
landscape of the IPO marketplace and its potential impact on capital
market formation. Mr. Solomon reiterated his belief that the current
decline in the number of small cap IPOs is not the result of only one
factor, but rather the result of many factors affecting market
participants for Emerging Growth Companies (ECGs). His insight focused
on individual and institutional investors, investment banks and issuers
and how each of these individual groups has evolved over the past few

“We have the biggest and best capital market in the world, however, we
need to address some of the concerns regarding the decline in small cap
IPOs so the U.S. doesn’t lose its edge if issuers are forced to migrate
to other global marketplaces,” said Jeffrey M. Solomon, President of

Mr. Solomon also discussed the potential impact that upcoming MiFID II
regulation may have on U.S. capital market formation and possible
economic outcomes and unintended consequences that could result when
asset managers are required to document and justify their research
spending and separate payment for research from execution payments under
the proposed MiFID II directives.

Mr. Solomon concluded his presentation by providing specific
recommendations to improve the small cap ecosystem for capital providers
(individual and institutional investors), investment banks and issuers,
including proposed regulatory and compliance modifications.

Click here
for a copy of Mr. Solomon’s SEC presentation.

Along with Mr. Solomon, other members of the SEC panel discussion
included: Jim Brau, Joel C. Peterson Professor of Finance,
Marriott School, Brigham Young University; Elisabeth de Fontenay,
Associate Professor, Duke University School of Law; Jackie Kelley,
Americas IPO Markets Leader, E&Y, and; Scott Kupor, Managing
Partner, Andreesen Horowitz.

About SEC Investor Advisory Committee

The SEC Investor Advisory Committee was established under Section 911 of
the Dodd-Frank Act to advise the SEC on regulatory priorities, the
regulation of securities products, trading strategies, fee structures,
the effectiveness of disclosure, and on initiatives to protect investor
interests and to promote investor confidence and the integrity of the
securities marketplace. More information regarding the SEC
Investor Advisory Committee
can be found

About Cowen Inc.

Cowen Inc. is a diversified financial services firm and, together with
its consolidated subsidiaries, provides alternative asset management,
investment banking, research, sales and trading and prime brokerage
services through its two business segments: Cowen Investment Management
and its affiliates make up the Company’s alternative investment segment,
while Cowen and Company, a member of FINRA and SIPC, and its affiliates
make up the Company’s broker-dealer segment. Cowen Investment Management
provides alternative asset management solutions to a global client base
and manages a significant portion of Cowen’s proprietary capital. Cowen
and Company
and its affiliates offer industry focused investment banking
for growth-oriented companies, domain knowledge-driven research, a sales
and trading platform for institutional investors and a comprehensive
suite of prime brokerage services. Founded in 1918, the firm is
headquartered in New York and has offices worldwide. For additional
information, visit

Source: Cowen Inc.

Cowen Inc.
Lynda Caravello,646-562-1676
Dan Gagnier,646-569-5897