On January 19, 2024, the US Small Business Administration (SBA) created a new exception applicable to business development companies (BDCs) with wholly owned small business investment companies (SBICs) that will allow use of...more
On July 26, 2023, the US Securities and Exchange Commission (SEC) released final rules requiring disclosure by public companies of material cybersecurity incidents and policies and procedures related to cybersecurity risk...more
8/2/2023
/ Business Development Companies ,
Compliance ,
Corporate Governance ,
Cyber Incident Reporting ,
Cybersecurity ,
Disclosure Requirements ,
Final Rules ,
Foreign Private Issuers ,
Form 10-K ,
Form 20-F ,
Form 8-K ,
Publicly-Traded Companies ,
Regulatory Oversight ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Third-Party Service Provider
On August 1, 2022, the SEC’s structured data reporting rules governing business development companies will become effective. These rules, which were originally adopted in April 2020, require BDCs to tag certain submissions...more
On August 6, 2021, the Securities and Exchange Commission (SEC) approved The Nasdaq Stock Market LLC’s (Nasdaq) Board Diversity Rule, which is intended to enhance board diversity and transparency among companies listed on its...more
8/12/2021
/ Board of Directors ,
Business Development Companies ,
Corporate Governance ,
Disclosure Requirements ,
Diversity and Inclusion Standards (D&I) ,
Foreign Issuers ,
Foreign Private Issuers ,
LGBTQ ,
Listing Standards ,
Minorities ,
Nasdaq ,
Publicly-Traded Companies ,
Securities and Exchange Commission (SEC) ,
Smaller Reporting Companies ,
Woman Board Members
On March 2, 2021, the Securities and Exchange Commission (the SEC) updated its Frequently Asked Questions relating to the targeted co-investment relief that the SEC previously had granted in an effort to assist business...more
On January 5, 2021, the Securities and Exchange Commission (the SEC) issued a Public Statement updating the targeted regulatory relief that the SEC previously had granted in an effort to assist market participants, including...more
On November 19, 2020, the United States Securities and Exchange Commission (the SEC) adopted amendments (the Adopted Amendments)1 to Items 301 (selected financial data), 302 (supplementary financial data), and 303...more
On November 2, 2020, the Securities and Exchange Commission (the SEC) voted to adopt final amendments (the Amendments) to “simplify, harmonize, and improve certain aspects of the exempt offering framework.” The Securities Act...more
12/2/2020
/ Accredited Investors ,
Amended Regulation ,
Business Development Companies ,
Corporate Governance ,
Crowdfunding ,
Exemptions ,
General Solicitation ,
Harmonization Rules ,
Private Offerings ,
Registration Requirement ,
Regulation A ,
Rule 506(c) ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
On October 28, 2020, the U.S. Securities and Exchange Commission (the SEC) voted 3-2 to adopt Rule 18f-4 (the Final Rule) under the Investment Company Act of 1940 (the 1940 Act), which establishes a comprehensive framework...more
11/17/2020
/ Amended Rules ,
Business Development Companies ,
Closed-End Funds ,
Corporate Governance ,
Derivatives ,
ETFs ,
Final Rules ,
Investment Company Act of 1940 ,
Investment Funds ,
Mutual Funds ,
Repurchase Agreements ,
Risk Management ,
Rule 18f-4 ,
Securities and Exchange Commission (SEC)
On October 7, 2020, the US Securities and Exchange Commission (the SEC) announced that it voted to adopt new rule 12d1-4 (Rule 12d1-4) under the 1940 Act and related amendments (the Final Rule) to streamline and enhance the...more
10/16/2020
/ Business Development Companies ,
Closed-End Funds ,
Exchange-Traded Products ,
Final Rules ,
Form N-CEN ,
Investment Company Act of 1940 ,
Investment Funds ,
Mutual Funds ,
Registered Investment Companies (RICs) ,
Section 12(d)(1) ,
Securities and Exchange Commission (SEC)
On August 5, 2020, the Securities and Exchange Commission (SEC) announced proposed modifications (the Proposed Rule) to the disclosure framework for mutual funds and exchange-traded funds (ETFs) registered on Form N-1A...more
On April 9, 2020, the Federal Reserve unveiled the “Main Street Lending Program” (Program) which will make loans available for small and medium-sized businesses impacted by the COVID-19 pandemic. After considering more than...more
On April 8, 2020, the Securities and Exchange Commission (the SEC) voted, at its first virtual meeting, to adopt rule amendments to implement certain provisions of the Small Business Credit Availability Act (the BDC Act) and...more
On March 27, 2020, the President signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act in response to the COVID-19 emergency. Title IV of the CARES Act directs the Federal Reserve to establish...more
On April 8, 2020, the staff of the Division of Investment Management of the US Securities and Exchange Commission (Commission) issued an exemptive order (the Order) under the Investment Company Act of 1940 (1940 Act) that...more
On March 27, 2020, Congress passed, and President Trump signed, the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) in response to the COVID-19 emergency. Specifically, the CARES Act includes $349 billion...more
On Wednesday, March 4, 2020, the Securities and Exchange Commission (SEC) issued two statements intended to ease certain corporate governance and reporting obligations in light of the coronavirus disease 2019 (COVID-19). The...more
Non-traded business development companies (BDCs) have long sought the ability to offer and sell multiple classes of shares with different pricing and expense structures. A multi-class structure facilitates the distribution of...more
On December 18, 2019, the Securities and Exchange Commission (SEC) issued a proposed rule – “Amending the ‘Accredited Investor’ Definition” (the Proposed Rule) – that would expand access to private funds for certain...more
12/23/2019
/ 501(c)(3) ,
Accredited Investors ,
Business Development Companies ,
Family Offices ,
Institutional Investors ,
Proposed Rules ,
Registered Investment Advisors ,
Registered Investment Companies (RICs) ,
Regulation D ,
Rule 144A ,
SBIC ,
Securities and Exchange Commission (SEC)
On November 25, 2019, the Commodity Futures Trading Commission (CFTC) adopted several final regulations to codify existing exemptions from commodity pool operator (CPO) registration. Among them is an exemption that was issued...more
12/18/2019
/ Business Development Companies ,
CFTC ,
Commodity Trading Advisors (CTAs) ,
CPOs ,
Electronic Filing ,
Exemptions ,
Final Rules ,
Investment Company Act of 1940 ,
National Futures Association ,
No-Action Letters ,
Registered Investment Companies (RICs) ,
Registration Requirement
On October 18, 2019, the US Securities and Exchange Commission (the “SEC”) announced that it had voted to propose rule amendments intended to improve the efficiency of the exemptive application review procedures available...more
On October 17, 2019, the staff of the Division of Investment Management (the “Staff”) of the US Securities and Exchange Commission issued guidance regarding an unlisted business development company’s (BDC) repurchase...more
On September 26, 2019, the Securities and Exchange Commission (SEC) announced that it has expanded the “testing-the-waters” exemption to all issuers. The new rule and related amendments under the Securities Act of 1933, as...more
10/8/2019
/ Accredited Investors ,
Business Development Companies ,
Corporate Issuers ,
Emerging Growth Companies ,
Initial Public Offering (IPO) ,
Institutional Investors ,
JOBS Act ,
New Rules ,
Proposed Rules ,
Qualified Institutional Buyers ,
Registered Investment Companies (RICs) ,
Rule 163B ,
Securities Act ,
Securities and Exchange Commission (SEC) ,
Testing-the-Waters Communications
On June 18, 2019, the Securities and Exchange Commission (the “SEC”) issued a concept release (the “Release”) on ways to “simplify, harmonize, and improve the exempt offering framework to expand investment opportunities while...more
9/23/2019
/ Accredited Investors ,
Business Development Companies ,
Capital Raising ,
Investment Funds ,
Investors ,
Issuer Exemption ,
Offerings ,
Private Placements ,
Regulation A ,
Regulation D ,
Rule 506 Offerings ,
SBIC ,
Securities and Exchange Commission (SEC)
On March 20, 2019, the SEC adopted rules (the Rules) to implement certain provisions of the FAST Act. The omnibus highway bill called “Fixing America’s Surface Transportation Act” or the “FAST Act,” was signed into law in...more