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- Publisher
- Emerald Publishing
- Copyright
- © Paul Hastings LLP.
- ISSN
- 1528-5812
- DOI
- 10.1108/joic-10-2020-0031
- Publisher site
- See Article on Publisher Site
Abstract
To analyze and identify the key findings from the April 8, 2020, U.S. Securities and Exchange Commission’s (the “SEC”) recently approved rule amendments (“Adopted Rules”) extended to business development companies (“BDCs”) and registered closed-end funds and an Exemptive Order providing regulatory flexibility to BDCs.Design/methodology/approachDiscusses the key takeaways and implications from the Adopted Rules and Exemptive Order.FindingsThe Adopted Rules provide BDCs and registered closed-end funds some of the more efficient registration, reporting, offering, and communication requirements currently applicable to operating companies. The Exemptive Order provides BDCs additional flexibility with respect to (1) the issuance and sale of senior securities and (2) the participation in certain joint transactions.Practical implicationsFirms and their representatives should heed the trends in both the substantial restitution FINRA is ordering and the related enforcement issues in the cases FINRA has brought.Originality/valueExpert analysis and guidance from experienced asset management lawyers.
Journal
Journal of Investment Compliance – Emerald Publishing
Published: May 11, 2021
Keywords: U.S. Securities and Exchange Commission (SEC); Business Development Companies; Closed-End Funds; Exemptive Relief; COVID-19