When the U.S. Small Business Administration’s (“SBA’s”) revised rules for its Small Business Investment Company (“SBIC”) program went into effect last August, it looked like a greenfield market for capital call financing had...more
This second installment of PilieroMazza’s blog series “Focus on SBA’s SBIC Program” explores regulations governing SBIC status and considerations for potential applicants...more
On June 25, 2020, five federal agencies (the “Agencies”) finalized amendments to the rules implementing section 13 of the Bank Holding Company Act of 1956 (the “Volcker Rule”) related to the prohibition on investing,...more
BACKGROUND AND CURRENT STATE OF THE SBIC PROGRAM - The Small Business Investment Company (SBIC) Program enables private equity fund managers to access government leverage at rates typically lower than traditional lending...more
On May 3, the Securities and Exchange Commission (SEC) released proposed amendments to certain rules under the Investment Advisers Act of 1940 (the Advisers Act) to reflect the impact of the Fixing America’s Surface...more
A Small Business Investment Company (SBIC) is a privately owned and operated company that makes long-term investments in American small businesses and is licensed by the United States Small Business Administration (SBA)....more
Non-Enforcement - Amendments to the Venture Capital Fund Adviser and Private Fund Adviser Exemptions - Last month the SEC’s Division of Investment Management issued a guidance update (Update) addressing recent...more
Small Business Investment Company (SBIC) investment advisers will now have reduced registration requirements under the Investment Advisers Act of 1940 (Advisers Act), thanks to the recently enacted SBIC Advisers Relief Act....more
The U.S. House of Representatives on January 14, 2015, voted (271-154) to pass H.R. 37, the “Promoting Job Creation and Reducing Small Business Burdens Act.” If enacted, the bill, among other things, would extend the Volcker...more