On October 18, 2022, the US Small Business Administration (the SBA) proposed a wide range of regulatory changes to the rules governing the small business investment company (SBIC) program (the Proposal). ...more
On April 8, 2020, the Securities and Exchange Commission (the SEC) adopted rule amendments to require business development companies (BDCs) and closed-end funds registered under the Investment Company Act (Registered CEFs,...more
On August 26, 2020, the Securities and Exchange Commission (the SEC) adopted rule amendments to the description of business (Item 101), legal proceedings (Item 103), and risk factor (Item 105) disclosures required by...more
On June 18, 2020, the Securities and Exchange Commission’s (the SEC) Office of Compliance Inspections and Examinations (OCIE) published a Risk Alert informing SEC registrants, including registered investment companies and...more
On May 21, 2020, the Securities and Exchange Commission (the SEC) adopted rule amendments that will impact the requirement of Investment Companies (as defined below) to disclose the financial statements of certain of its...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
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 February 21, 2018, the Securities and Exchange Commission issued an interpretive release1 providing important guidance to certain registrants on cybersecurity disclosure. Coming on the heels of dozens of high-profile...more
The long-awaited pay ratio rule (the Rule), adopted by the Securities and Exchange Commission (the SEC) on August 5, 2015, finally takes effect in 2018. The Rule, which is intended to provide shareholders with a metric to...more
On December 8, 2017, in connection with its ongoing review and assessment of EDGAR, its data needs and other systems, the Securities and Exchange Commission (the SEC) announced it is modifying its approach to submitting...more
On May 2, 2017, the Small Business Administration (SBA) published a notice (the May 2 Notice), delaying the effective date of the final rule of the Passive Business Rule (the New Rule) under § 107.720 of the small business...more
Reminder to Internally-Managed Business Development Companies
Regarding Shareholder Engagement Following Say-on-Pay Vote -
A. 2017 Voting Policy Change -
In November 2016, Institutional Shareholder Services Inc....more
On December 28, 2016, the Small Business Administration (SBA) released the final version of the Passive Business Rule (the New Rule) under § 107.720 of the small business investment company (SBIC) regulations. Among other...more
On October 13, 2016, the Securities and Exchange Commission (SEC) issued a release adopting final rules to modernize and enhance the reporting and disclosure of information by registered investment companies (the Final...more
On October 13, 2016, the Securities and Exchange Commission (the SEC) issued a release adopting final rules to modernize and enhance the reporting and disclosure of information by registered investment companies (the Final...more