New Rules, Proposed Rules, Guidance and Alerts -

NEW RULES -

SEC Amends Financial Reporting Rules for Investment Company Business Combination Transactions -

On May 20, 2020, the SEC adopted amendments to the financial statement disclosure requirements under Regulation S-X related to acquisitions and dispositions involving investment companies.

First, the amendments streamline applicable significance tests under Regulation S-X to more closely align with significance tests under the Investment Company Act of 1940. Amended Rule 1-02(w)(2) of Regulation S-X creates a separate definition of “significant subsidiary” for investment companies using modified versions of the investment test and income test set forth in Rule 8b-2 under the Investment Company Act...