WASHINGTON, D.C. (November 19, 2021) The Securities and Exchange Commission (SEC) has adopted a final rule on “universal proxies” that requires one proxy card be used when there is a contested director election at a public company. The final rule amendments regarding universal proxy will apply to all shareholder meetings involving contested director elections held after August 31, 2022. The Small Business Investor Alliance (SBIA) is pleased to announce success in ensuring that BDCs and registered funds are exempt from the final rule; however, the SEC has indicated that in the future it will consider whether to apply the rule to BDCs. The SBIA will continue to monitor the issue. Read more >
About the Small Business Investor Alliance (SBIA)
The Small Business Investor Alliance (SBIA) is the premier organization of lower middle market private equity funds and investors. SBIA works on behalf of its members as a tireless advocate for policies that promote competitive markets and robust domestic investment for growing small businesses. SBIA has been playing a pivotal role in promoting the growth and vitality of the private equity industry for over 60 years. For more information, visit www.SBIA.org or call (202) 628-5055.