In recent years, private non-bank lending to private equity-owned, small- and middle-market companies has significantly increased. Within this growing sector, private and non-traded business development companies (“BDCs”) have outperformed other non-bank lenders in many respects. Since 2020, assets under management by private and non-traded BDCs has increased from approximately $34 billion to approximately $118 billion

On November 15, 2022, FINRA adopted amendments to revise the syndicate account settlement timeframe for offerings of corporate debt securities. The amendments to FINRA Rule 11880 establish a two-stage syndicate account settlement approach for public offerings of corporate debt securities. The amendments will become effective for public offerings of debt securities that commence on or

On October 4, 2022, the US Financial Stability Oversight Council (FSOC) released its Report on Digital Asset Financial Stability Risks and Regulation (FSOC Report).  Weighing in at over 120 pages, the FSOC Report provides a thorough discussion of the regulation of crypto-assets and their potential financial stability risks. Most importantly, the report sets forth several

The US Securities and Exchange Commission’s (“SEC”) Small Business Capital Formation Advisory Committee (the “Committee”) released the agenda for its virtual meeting, to be held on Tuesday, August 2, 2022, and which plans to address liquidity challenges for investors in exempt offerings. The agenda specifically plans to address exit opportunities for investors in Regulation A

In another special purpose acquisition company (“SPAC”) related enforcement action, on December 21, 2021, the US Securities and Exchange Commission (“SEC”) issued an order instituting cease-and-desist proceedings (“Order”) against a Nasdaq-listed electric vehicle truck manufacturing company that went public through a combination with a SPAC (“Company”).  The Company’s initial business combination was consummated in June