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 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 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 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