The Small Cap Liquidity Reform Act (H.R. 3448) is scheduled for a vote on February 11th. The bill (which was approved by the House Financial Services Committee in 2013) would implement a pilot program during which EGCs would be permitted to choose their tick size for prices greater than $1.00. This comes after the Investor Advisory Committee recommended no changes to tick sizes because a majority of that committee believed that there was insufficient evidence to demonstrate the benefits of a pilot program. Instead, the committee recommended that regulators consider other options to improve liquidity for smaller cap companies. Liquidity for smaller cap companies will remain a subject of continued discussion as commenters respond to the Commission’s proposed Regulation A+ rules.