The Commodity Futures Trading Commission published in the Federal Register on December 10, 20191 amendments to five different aspects of the regulatory framework applicable to certain commodity pool operators (CPOs) and...more
In May 2019, the SEC proposed amendments to the rules that require BDCs to include (i) certain financial information pertaining to their majority-owned or controlled portfolio companies and (ii) historical and pro forma...more
7/10/2019
/ Acquisitions ,
Business Development Companies ,
Controlled Portfolio Companies ,
Disclosure Requirements ,
Filing Requirements ,
Financial Statements ,
Investment Company Act of 1940 ,
Proposed Rules ,
Public Comment ,
Regulation S-X ,
Request For Information ,
Securities and Exchange Commission (SEC)
In December 2018, the SEC announced two enforcement actions involving business development companies (BDCs) – one against Fifth Street Management, LLC, the former external registered investment adviser to two BDCs, and the...more
12/22/2018
/ Allocation of Funds ,
Asset Management ,
Business Development Companies ,
Business Valuations ,
Cease and Desist Orders ,
Censures ,
Civil Monetary Penalty ,
Compensation Schemes ,
Compliance ,
Corporate Misconduct ,
Deductible Expenses ,
Disgorgement ,
Enforcement Actions ,
Investment Advisers Act of 1940 ,
Investment Company Act of 1940 ,
Non-Public Information ,
Policies and Procedures ,
Portfolio Companies ,
Prejudgment Interest ,
Registered Investment Advisors ,
Section 19(a) ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Shareholder Distributions
Highlights
- On March 23, 2018, President Trump signed the Small Business Credit Availability Act (the Act), which aims to increase the availability of funding to small to mid-sized private U.S. companies and startups by...more
3/27/2018
/ Amended Rules ,
Business Development Companies ,
Capital Formation ,
Capital Raising ,
Deregulation ,
Investment Company Act of 1940 ,
Proxy Access Rule ,
Registration Requirement ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Small Business ,
Small Business Credit Availability Act ,
Tax Credits ,
Trump Administration
The staff of the Division of Investment Management (Staff) of the U.S. Securities and Exchange Commission (SEC or Commission) on February 14, 2018 issued a no-action letter (Letter) that would specifically permit the...more
2/23/2018
/ Amended Rules ,
Closed-End Funds ,
Common Stock ,
Division of Investment Management ,
Enforcement Actions ,
Exemptions ,
NAV ,
No-Action Letters ,
Registration Statement ,
Rule 486(b) ,
Securities Act ,
Securities and Exchange Commission (SEC)
Highlights -
- Under NASDAQ rules, shareholder approval is required for the issuance of shares in connection with certain transactions.
- NASDAQ announced that it is seeking public input on liberalizing the...more
Highlights -
- New law adding an exemption to the registration and prospectus delivery requirements of the Securities Act of 1933 signed by President Obama.
- The law, which codifies the so-called Section 4(a)(1-½)...more
Highlights:
- The SEC plans to develop a proactive and agile regulatory framework through which it can anticipate issues and address them proactively, even as the capital markets continue to undergo rapid change.
-...more
The strong U.S. initial public offering (IPO) market, coupled with favorable regulatory changes and market acceptance of innovative transaction structures, has increased the attractiveness of the IPO as an exit alternative to...more
5/28/2015
/ Board of Directors ,
C-Corporation ,
Capital Formation ,
Corporate Financing ,
Corporate Structures ,
Exit Strategies ,
Financial Sponsors ,
Initial Public Offering (IPO) ,
JOBS Act ,
Nasdaq ,
Private Equity ,
Public Offerings ,
Sarbanes-Oxley ,
Securities and Exchange Commission (SEC)
In This Issue:
- ILPA Guidelines Have Noticeable Impact
- Extracting Tax Value in Debt Refinancings and Modifications
- Private Equity and Venture Capital Investing in China: Exit Strategy and Circular 698
-...more
The Securities and Exchange Commission (SEC) issued a report on April 2, 2013 concerning its investigation into the use of social media by public companies in the United States (Report). The Report confirms that a public...more
4/11/2013