By BDC Council | March 5, 2020
Please see the attached bipartisan letter sent to the SEC by 4 senior Members of Congress including the Chair and Ranking Member of the House Financial Services Capital Markets Subcommittee.
“Not only is the application of AFFE disclosure requirements to BDCs inconsistent with the statutory mandate for BDCs, it is also contrary to the SEC’s stated objectives for the AFFE disclosure. We believe that the SEC should take steps to exclude BDCs from the AFFE disclosure requirements and understand that it has the authority to do so. In order to restore congressional intent and correct the unintended consequences that threaten BDCs as a vehicle for allocating capital to small and mid-sized businesses, we encourage you to use your authority to tailor the AFFE rules to better align with the unique nature of BDCs and to ameliorate the harm done to BDCs and, in turn, to retail investors and Main Street American businesses.”
Thank you to Reps. Stivers, Sherman, Moore, and Huizenga.