In two separate no-action letters, the SEC staff quietly expanded the ability of business development companies (BDCs) to invest in registered investment advisers.
Section 12(d)(3) of the Investment Company Act of 1940...more
As we reported in prior posts, there are several proposed bills making their way through Congress that are intended to facilitate capital formation, including legislation that would modernize the framework applicable to...more
Three bills introduced in the House of Representatives that would ease leverage restrictions on business development companies (BDCs) face an uncertain future in light of concerns expressed by the Chair of the Securities and...more
We have written a fair bit about business development companies and the important role that they serve as alternative capital providers. During the financial crisis and in the immediate aftermath of the financial crisis,...more
The U.S. Securities and Exchange Commission (SEC) Division of Investment Management recently published formal guidance applying rules that require the inclusion of certain financial information on unconsolidated subsidiaries...more
On January 11, 2013, the Financial Industry Regulated Authority (FINRA) issued its 2013 Annual Regulatory and Examination Priorities Letter (Priorities Letter). This letter is issued annually to highlight...more