Podcast: Credit Funds: Hot Topics in BDC Regulation
Between Omicron, the holidays, and down-to-the-wire end-of-year closings, it was a hectic finish to 2021. But now that the calendar reads 2022, we wanted to reflect this week on the state of the NAV finance market and provide...more
In this Issue. The U.S. Department of the Treasury announced that it was opening the application process for the Emergency Capital Investment Program, a new program designed to provide long-term, low-cost equity and...more
Originally posted March 31, 2020. Last updated July 2, 2020. In response to the novel coronavirus (COVID-19) pandemic, the Securities and Exchange Commission and its Staff have provided temporary regulatory relief and...more
On Friday, June 19, 2020, the U.S. Securities and Exchange Commission (the "SEC") issued an order (the "Order") under the Investment Company Act of 1940, as amended (the "1940 Act"), extending the duration of...more
On June 19, 2020, the Securities and Exchange Commission (SEC) extended temporary exemptive relief from in-person voting requirements granted to registered management investment companies and business development companies...more
Recent IRS guidance reduces the minimum aggregate amount of cash required for certain distributions of stock and cash to qualify for the dividends paid deduction. In order to enhance liquidity of publicly offered real...more
To alleviate the cash needs of regulated investment companies (RICs) and real estate investment trusts (REITs) in the face of the economic effects of COVID-19, on May 4, 2020, the Internal Revenue Service (IRS) released an...more
In order to mitigate potential filing delays due to the ongoing impacts of the COVID-19 pandemic, the Securities and Exchange Commission’s (“SEC”) Division of Investment Management has extended the EDGAR filing window from...more
The Securities and Exchange Commission (the “SEC”) has made a concerted effort to provide guidance and targeted assistance and relief in response to the effects of the COVID-19 outbreak. As part of these efforts, the SEC has...more
As reported in prior McGuireWoods alerts (see March 26 and March 17 updates), financial services regulators have been issuing guidance and relief to assist the industry as financial services firms and public companies...more
In response to the ongoing market turmoil created by the coronavirus/COVID-19 pandemic, the Federal Reserve has established a number of market stability and liquidity programs, many of which may be of interest to funds (both...more
The recent coronavirus pandemic presents significant challenges for private investment fund sponsors. Navigating these challenges requires proactively addressing risks and thoughtfully considering the following issues...more
Due to economic conditions that have resulted from the COVID-19 pandemic, many regulated investment companies (“RICs”) may have liquidity issues with respect to their investment portfolios. One alternative for RICs that are...more
In an Order dated March 25, 2020, the Securities and Exchange Commission extended the exemptions offered to investment companies, business development companies (BDCs) and investment advisers grappling with challenges to the...more
In response to the outbreak of the COVID-19 coronavirus disease, the Securities and Exchange Commission took extraordinary action to bolster liquidity for registered investment companies through at least June 30, 2020. In an...more
The pandemic coronavirus (“COVID-19”) continues its unprecedented disruption of the economy and markets....more
As the world responds to COVID-19, we have identified a number of compliance and legal considerations for asset managers. We summarize a select list of these in our note below....more
On March 13, 2020, the Securities and Exchange Commission (SEC) issued an order (the Advisers Act Release) under the Investment Advisers Act of 1940 (Advisers Act) providing regulatory relief for investment advisers whose...more
On March 13, 2020, the Securities and Exchange Commission (SEC), indicating that it is closely monitoring the impact of coronavirus on investors, funds and advisers, announced regulatory relief for funds and investment...more