At an open meeting yesterday, May 25, 2022, the US Securities and Exchange Commission (SEC) approved two new proposals that will impact the fund and investment management industry. One of the proposals is directed solely at registered funds and business development companies (BDCs), while the other applies to registered funds, BDCs, registered investment advisers (RIAs)

January 25, 2021 Webinar
1:00pm – 2:00pm EST
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Given that 2020 was such a tumultuous year, even the most dedicated securities lawyer may have missed a rule change or two. The U.S. Securities and Exchange Commission (SEC) was also particularly busy. Under the leadership of SEC Chair Clayton, the SEC had one

Business development companies (“BDCs”) are companies that invest primarily in the securities of private and smaller public companies and that elect to be registered under the Investment Company Act of 1940, as amended (the “1940 Act”). Historically, BDCs have faced challenges raising capital due to regulatory constraints imposed by the 1940 Act. BDCs generally cannot

Today, the Securities and Exchange Commission adopted final rules relating to the use of derivatives by registered investment companies and business development companies.

The use of derivatives by funds has been the subject of consideration for some time now. The current regulatory framework is outdated and depends on an SEC statement from 1979 and various

On October 7, 2020, the Securities and Exchange Commission (“SEC”) adopted a new rule designed to streamline and enhance the regulatory framework for funds that invest in other funds (“fund of funds arrangements”).  The new rule (Rule 12d1-4) will create a consistent framework for fund of funds arrangements to replace the existing regulatory approach that

Lexis Practice Advisor

This practice note covers recent market trends affecting business development companies (BDCs), particularly focusing on various types of securities offerings undertaken by public and private BDCs. BDCs are closed-end investment management companies that are specially regulated by the Investment Company Act of 1940, as amended (the 1940 Act). BDCs provide capital to,

Thursday, October 8, 2020
1:00pm – 2:00pm EDT
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Any issuer eligible to register its securities on Form S-3 should consider setting up an ATM program in order to maximize its opportunity to raise just-in-time capital.  As a result of the economic downturn, volatility and uncertainty resulting from the pandemic, many issues have found

On August 5, 2020, the Securities and Exchange Commission will hold an open meeting, which will be webcast, in order to, among other things, consider whether to propose amendments to the advertising rules for business development companies and registered investment companies.  The SEC also will consider whether to propose rules and form amendments intended to

This Lexis Practice Advisor: First Analysis article discusses the final rule amendments adapted by the U.S. Securities and Exchange Commission (SEC) that modernize the offering related provisions of the Securities Act of 1933, as amended (the Securities Act), and the communications safe harbors available to business development companies (BDCs) and closed-end funds (CEFs), including interval

PLI Webinar
May 11, 2020
1:00 pm – 2:00 pm ET
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During this Briefing we will provide an overview of the market conditions facing business development companies (BDCs) as a result of the pandemic and associated market dislocations. As a result of these events, the Securities and Exchange Commission (SEC) has provided temporary