BDCs

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At an open meeting held today the Securities and Exchange Commission adopted amendments modernizing the offering and communications related rules applicable to business development companies (BDCs) and closed end funds (CEFs). The amendments implement the rulemaking mandate in the Small Business Credit Availability Act and the Economic Growth, Regulatory Relief, and Consumer Protection Act.  Most…

On Wednesday, April 8, the Securities and Exchange Commission will hold an open meeting in order to consider whether to adopt rule and form amendments in order to modernize the offering framework for business development companies (BDCs) and closed end funds (CEFs), which were proposed in March 2019 (proposing release No. 33-10619).

The SEC was…

The US Securities and Exchange Commission (“SEC”) recently announced that it will not take final action before April 24, 2020, regarding the following five proposed actions, which have comment periods expiring in March, to allow commenters additional time to submit comments. The SEC is concerned that “challenges associated with COVID-19 may delay the completion and…

PLI Webinar
March 3, 2020
10:00 – 11:00 AM EST.
Register here.

This PLI One-Hour Briefing provides attendees with a broad yet focused educational program that presents a clear picture of legal, tax and market considerations for business development companies (BDCs).

Please join Mayer Brown LLP’s Brian D. Hirshberg and Remmelt A. Reigersman along…

Several key regulatory developments and reforms have the potential to significantly help business development companies (closed-end investment management companies that are specially regulated by the Investment Company Act of 1940). This article published in Bloomberg Law addresses those developments and how they are expected to impact the BDC industry.

View the full article here.

The SEC’s amendment to the test-the-waters provisions, extending the ability to test-the-waters to issuers that are not emerging growth companies (“EGCs”), is now effective. The guide summarizes the provisions of new Rule 163B. Under the new rule, any issuer, or person authorized to act on behalf of the issuer (including an underwriter), may engage in…

On October 17, 2019, the Staff of the Division of Investment Management released FAQs meant to assist business development companies (“BDCs”) that have obtained the requisite approvals for lowering their asset coverage from 200% to 150% in satisfying the applicable repurchase offer obligation.  As required by Section 61(a) of the Investment Company Act of 1940,…

In this Lexis Practice Advisor® Practice Note, we provide answers to questions frequently asked by securities lawyers and their clients regarding the federal securities laws applicable to Business Development Companies (BDC’s). Specifically, this practice note includes questions related to:

  • Securities offering process;
  • Disclosure and corporate governance obligations;
  • Stock exchange requirements;
  • Commercial and regulatory

…

On June 20, 2019, the Financial Industry Regulatory Authority, Inc. (“FINRA”) proposed amendments to FINRA Rule 2210 (Communications with the Public) and FINRA Rule 2241 (Research Analysts and Research Reports) to further the rules adopted by the Securities and Exchange Commission (“SEC”) last year as required by the Fair Access to Investment Research Act of…