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
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)
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
In this report, members of Dechert’s multidisciplinary permanent capital team provide a round-up of legal and business considerations for private credit, BDCs and everything in between.
Topics covered include:
-...more
4/12/2019
/ Acquisitions ,
BDC ,
Business Development Companies ,
Business Tax Credits ,
Capital Formation ,
Close-Ended Funds ,
Collateralized Loan Obligations ,
Corporate Restructuring ,
Credit ,
EBITDA ,
Investment Company Act of 1940 ,
Leveraged Finance ,
Mergers ,
Securities and Exchange Commission (SEC) ,
Structured Financial Products ,
Tax Reform
The Securities and Exchange Commission voted on December 19, 2018 to propose Rule 12d1-4 (proposed rule) and related amendments to the regulatory framework governing funds that invest in other funds (“fund of funds”...more
1/8/2019
/ Acquired Fund Fees and Expenses (AFFE) ,
Acquisitions ,
Business Development Companies ,
Closed-End Funds ,
Complex Financial Products ,
Controlling Stockholders ,
Disclosure Requirements ,
Excessive Fees ,
Exchange-Traded Products ,
Exemptions ,
Foreign Acquisitions ,
Form N-CEN ,
Fund of Funds ,
Investment Company Act of 1940 ,
Mutual Funds ,
Private Funds ,
Proposed Amendments ,
Registered Investment Companies (RICs) ,
Securities and Exchange Commission (SEC) ,
Share Redemption ,
Voting Rights
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