BDC FACTS & STATS
Access our 2023 BDC Facts & Stats for a compendium of information regarding BDCs that have taken measures to increase their use of leverage, terms of BDC advisory agreements, and more.
PUBLICATIONS
- SEC Proposals Would Significantly Impact Private Fund Advisers and Impose New Cybersecurity Requirements on Registered Advisers and Funds, including BDCs (Mayer Brown)
On February 9, 2022, the SEC voted to propose several new rules and amendments to existing rules that would significantly alter the current requirements for investment advisers and funds, with one proposal specifically focused on private funds and the other focused on cybersecurity. The SEC voted to propose a suite of new rules and amendments under the Investment Advisers Act of 1940 (“Advisers Act”) that, if adopted, will significantly increase the compliance obligations of advisers to private funds. - SEC’s Securities Offering and Communications Reforms for BDCs and Closed-End Funds (Lexis Practice Advisor)
This article discusses the amendments adopted by the SEC in 2020 that modernize the offering related provisions of the Securities Act of 1933, as amended (“Securities Act”), and the communications safe harbors available to BDCs. See the 2020 First Analysis piece here. - Market Trends 2022/23: Business Development Companies (Lexis Practice Advisor)
This Market Trends article covers recent commercial and regulatory trends affecting BDCs, particularly focusing on various types of securities offerings by public and private BDCs. See the 2019/20 edition here and the 2018/19 edition here. - New Securities Regulations May Benefit BDCs (Bloomberg Law)
Several key regulatory developments and reforms have the potential to significantly help BDCs. This article published in Bloomberg Law addresses those developments and how they are expected to impact the BDC industry. - BDC-Related Provisions of the Consolidated Appropriations Act of 2018 (Mayer Brown)
On March 23, 2018, Congress passed a $1.3 trillion omnibus spending bill titled the Consolidated Appropriations Act of 2018, which included the Small Business Credit Availability Act. Included in the Small Business Credit Availability Act are various changes to the federal securities laws and regulations that impact BDCs. Most significantly, the BDC-related portions of the legislation expand the ability of BDCs to utilize leverage and provide them with ability to rely on more flexible SEC communication and offering rules currently only available to operating companies. This chart summarizes BDC-related provisions of the legislation. - On point. – Shelf Offerings by Business Development Companies (Mayer Brown On Point. Series)
We discuss the availability of shelf offerings, capital markets opportunities and provides a legislative update for business development companies. - Business Development Company Guide for Capital Markets (Lexis Practice Advisor)
This article answers questions frequently asked by securities lawyers and their clients regarding the federal securities laws applicable to BDCs.