On October 7, 2020, the Securities and Exchange Commission voted to adopt Rule 12d1-4 under the Investment Company Act of 1940 and related amendments to the regulatory framework governing funds that invest in other funds...more
The staff of the Securities and Exchange Commission’s Division of Investment Management (Staff) released a statement on May 27, 2020 (Statement), indicating that the Staff would not recommend enforcement against registered...more
The uncertain economic environment surrounding the COVID-19 crisis has triggered a sharp decline in trading prices for the equity and debt securities of many business development companies (“BDCs”) and closed-end funds...more
5/19/2020
/ Business Development Companies ,
Closed-End Funds ,
Coronavirus/COVID-19 ,
Corporate Issuers ,
Debt Repurchasing ,
Equity Repurchasing ,
Financial Industry Regulatory Authority (FINRA) ,
Insider Trading ,
International Tax Issues ,
Main Street Lending Programs ,
Market Manipulation ,
Restrictive Covenants ,
Risk Management ,
Rule 10b-5 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Tender Offers
The U.S. Securities and Exchange Commission on April 8, 2020 adopted a package of reforms to the securities registration, offering and communications requirements under the Securities Act of 1933 applicable to business...more
4/25/2020
/ Amended Rules ,
Business Development Companies ,
Closed-End Funds ,
Economic Growth Regulatory Relief and Consumer Protection Act ,
Eligibility ,
Exchange-Traded Products ,
Offering Communications ,
Offerings ,
Prospectus ,
Registration Requirement ,
Regulation FD ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Short-Form Registration ,
WKSIs
The Securities and Exchange Commission issued an order on April 8, 2020, providing relief to business development companies whose operations may be affected by the COVID-19 coronavirus outbreak (Order). In the Order, the SEC...more
Key Takeaways
- Registered closed-end funds and business development companies should reassess their distribution policies if they are in need of liquidity.
- As part of that reassessment, funds should consider paying...more
4/8/2020
/ Business Development Companies ,
Closed-End Funds ,
Coronavirus/COVID-19 ,
Distribution Rules ,
Dividends ,
Investment Funds ,
IRS ,
Liquidity ,
Relief Measures ,
Tax Deductions ,
Tax Relief
The U.S. Securities and Exchange Commission on March 20, 2019 proposed a package of reforms to the securities registration, offering and communications requirements under the Securities Act of 1933, applicable to business...more
5/15/2019
/ Business Development Companies ,
Closed-End Funds ,
Comment Period ,
Disclosure Requirements ,
Economic Growth Regulatory Relief and Consumer Protection Act ,
EDGAR ,
Investment Company Act of 1940 ,
Investor Communication Rules ,
Offering Communications ,
Offerings ,
Proposed Amendments ,
Prospectus ,
Public Comment ,
Publicly-Traded Companies ,
Registration Fees ,
Registration Requirement ,
Registration Statement ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Small Business Credit Availability Act (SBCAA) ,
WKSIs ,
XBRL Filing Requirements
The past 18 months have seen a wave of consolidation among business development companies (“BDCs”). Oak Hill Advisors, L.P. took over the advisory role for NGP Capital Resources Company (now OHA Investment Corporation) after...more
The U.S. Securities and Exchange Commission issued a cease and desist order on June 13, 2013 (the “Order”) against former members of the boards of directors (the “RMK Directors” or the “RMK Boards”) of five Regions Morgan...more