Business Development Companies

News & Analysis as of

Practice Pointers on Shelf Offerings by Business Development Companies

Overview - Business development companies (“BDCs”) are U.S. publicly held investment funds that invest primarily in private and thinly traded public U.S. businesses. BDCs have generally faced capital raising challenges...more

2016 BDCs & Small Business Capital Formation Forum

On June 28, 2016, Morrison & Foerster LLP, along with the Milken Institute, the U.S. Small Business Administration (SBA) and the Small Business Investment Alliance (SBIA), will be hosting the 2016 BDCs & Small Business...more

Sutherland Submits Comment Letters on Two SEC Rulemaking Projects Pertinent to Business Development Companies

In response to requests for comment from the U.S. Securities and Exchange Commission (SEC), Sutherland Asbill & Brennan LLP recently submitted comment letters on two SEC rulemaking projects pertinent to business development...more

Your daily dose of financial news The Brief – 4.11.16

The UK’s Daily Mail is reportedly joining Verizon in the field of suitors for Yahoo’s assets – WSJ - It’s no surprise when mega mergers attract the government’s attention, as we’ve seen in past weeks around here. But...more

Is the SEC Poised to Broaden Standard Co-Investment Relief?

The U.S. Securities and Exchange Commission (SEC) Division of Investment Management recently issued a notice with regard to the application for co-investment relief filed by Apollo Investment Corporation and certain of its...more

More Maladroit Drafting From The SEC

Last December, the Securities and Exchange Commission proposed a new exemptive rule under the Investment Company Act of 1940. The proposed rule would allow mutual funds, exchange-traded funds (“ETFs”), closed-end funds, and...more

Global Private Equity Newsletter - Winter 2016 Edition: Riding the BDC Consolidation Wave

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

SEC Proposes Significant New Restrictions on the Use of Derivatives and Other Transactions by Registered Funds and BDCs

The Securities and Exchange Commission (Commission) on December 11, 2015 proposed new Rule 18f-4 (Proposed Rule) under the Investment Company Act of 1940 (1940 Act) and amendments to certain proposed forms. The proposal...more

SEC Proposes New Framework for Regulating Funds’ Use of Derivatives and Leverage

On December 11, 2015, the Securities and Exchange Commission (Commission) proposed a rule that, if adopted, would rescind nearly 30 years of Commission and staff guidance that is currently relied upon by most mutual funds,...more

"SEC Proposes Rule Regarding the Use of Derivatives by Registered Investment Companies and Business Development Companies"

On December 11, 2015, the Securities and Exchange Commission (SEC) voted to propose a new rule (the Proposed Rule) that significantly modifies the regulation of the use of derivatives by registered investment companies,...more

Financial Services Weekly News - December 2015 #3

Regulatory Developments - SEC Proposes New Derivatives Rules for Registered Investment Companies and Business Development Companies - On Dec. 11, the SEC proposed new Rule 18f-4 under the Investment Company Act,...more

SEC Proposes Limits on Fund Use of Derivatives and Leverage

The Securities and Exchange Commission (the “Commission”) today voted, by a three-to-one margin, to propose rules that would limit the amount of leverage that mutual funds may obtain through derivatives. The proposals also...more

SEC to Consider Fund Derivatives Rules

The SEC announced that on December 11, 2015 that it will consider whether to propose a new rule and amendments to certain proposed forms related to the use of derivatives by registered investment companies and business...more

BDC Bill Approved by Financial Services Committee

On November 4, 2015, the House Financial Services Committee voted 53-4 in favor of HR 3868 sponsored by Congressman Mulvaney. Among other things, the bill would make needed changes to the Securities Act that would bring the...more

Volcker Rule: Federal Agencies Issue New Guidance Regarding the Seeding Period Treatment for Registered Investment Companies...

Under guidance issued on July 16, 2015 by the federal agencies responsible for implementing the Volcker Rule (the “Agencies”) RICs and FPFs need not be treated as banking entities during a seeding period of up to three...more

BDC Master Feeder Funds on the Horizon – No-Action Relief Granted to One Issuer

The staff of the SEC’s Division of Investment Management said that it would not recommend enforcement action if a business development company (BDC) reorganizes into a master-feeder structure. The relief will also be...more

Volcker Agencies Provide Seeding Period Guidance for BDCs, RICs and FPFs in New FAQ

On July 16, 2015, the agencies responsible for implementing the Volcker rule (Agencies) issued FAQ 16, which provides guidance on the circumstances under which a seed investment would not cause (i) a registered investment...more

Federal Regulators Issue Volcker Rule FAQ Addressing Investment Fund Seeding Periods

The Volcker rule generally prohibits banking entities from engaging in proprietary trading and from sponsoring and/or investing in certain types of “covered” investment funds. The implementing regulation that the Agencies...more

House Holds Hearings on Bill to Ease BDC Restrictions

The Subcommittee on Capital Markets and Government Sponsored Enterprises of the House Financial Services Committee heard testimony on June 16, 2015 in support of proposed bills that would, among other things, increase the...more

SEC Updates Guidance on Cybersecurity

Emphasizing the critical importance of cybersecurity to registered investment companies (RICs), including insurance separate accounts and business development companies, and to investment advisers, the SEC’s Division of...more

Description of the Small Business Investment Company Debenture Program

A Small Business Investment Company (SBIC) is a privately owned and operated company that makes long-term investments in American small businesses and is licensed by the United States Small Business Administration (SBA)....more

SEC Clarifies BDC Transactions with Certain Second-Tier Affiliates

The SEC’s Division of Investment Management has clarified which restrictions apply to BDC’s co-investment transactions with limited partners of a partnership that is an affiliated person of the BDC....more

Financial Services Weekly News Roundup - December 2014 #3

Amendment to Swaps Push-out Provision of Dodd-Frank: Section 630 of the recently passed Consolidated and Further Continuing Appropriations Act, 2015 (“Omnibus Spending Bill” – see p. 249) amends Section 716 of the Dodd-Frank...more

Investment Management Update

In This Issue: - SEC Announces First-of-Its-Kind Whistleblower Award To an Audit and Compliance Professional - SEC Issues No-Action Letter To Allow for Amendment of a Sub-Advisory Agreement without Shareholder...more

SEC Permits BDCs to Analyze LPs as Stockholders for Certain Co-Investments

On December 5, 2014, the Securities and Exchange Commission, through the Chief Accountant's Office of its Investment Management Division, issued a Guidance Update in response to a public inquiry regarding co-investment...more

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