On August 26, 2020, the US Securities and Exchange Commission (the SEC or “Commission”) adopted amendments to the definition of “accredited investor” to add new categories of qualifying natural persons and entities and make...more
On June 2, the U.S. Small Business Administration (SBA) distributed a memorandum from Steve Knott, acting director of the SBA’s Office of SBIC Operations, reminding private funds licensed by the SBA as small business...more
Non-Enforcement - Amendments to the Venture Capital Fund Adviser and Private Fund Adviser Exemptions - Last month the SEC’s Division of Investment Management issued a guidance update (Update) addressing recent...more
Small Business Investment Company (SBIC) investment advisers will now have reduced registration requirements under the Investment Advisers Act of 1940 (Advisers Act), thanks to the recently enacted SBIC Advisers Relief Act....more