WASHINGTON, D.C. (March 19, 2021) -- U.S. Rep. Maxine Waters (D-CA), Chair of the House Committee on Financial Services, and U.S. Rep. Joyce Beatty (D-OH), Chair of the Financial Services Subcommittee on Diversity and Inclusion, sent requests to 31 of the country's largest investment firms asking for their diversity and inclusion data and policies. See the list of firms [...]
WASHINGTON, D.C. (March 15, 2021) -- On Friday, March 14, SEC Commissioner Carolyn A. Crenshaw gave a keynote address at the 8th Annual Conference on Financial Market Regulation (CFMR) where she singled out information regarding private markets and the “lack of good data” on private issuers and offerings. Read her speech > ### About the [...]
WASHINGTON, D.C. (March 11, 2021) -- On Thursday, March 11, the President signed into law the “American Rescue Plan Act of 2021,” which provides additional relief to address the continued impact of the COVID-19 pandemic on the economy, public health, State and local governments, individuals, and businesses. Axios: Biden signs $1.9 trillion COVID relief bill ### [...]
WASHINGTON, D.C. (March 5, 2021) -- The Securities and Exchange Commission (SEC) has updated some of the targeted COVID-relief measures it put in place last spring. Of particular note is an extension of the “no-action” enforcement relief for co-investment transactions through March 31, 2022. SBIA will continue to push the SEC to permanently allow BDCs to engage in co-investment transactions. The SEC [...]
WASHINGTON, D.C. (March 5, 2021) -- The Securities and Exchange Commission’s final rule for investment adviser marketing was published March 5 and goes into effect in 60 days. Investment advisers must come into compliance within 18 months of the effective date. SBIA submitted a letter on the rule in February 2020 and the final rule incorporates a number of SBIA’s suggested [...]
WASHINGTON, D.C. (March 3, 2021) -- The Securities and Exchange Commission’s Division of Examinations has announced its 2021 examination priorities, including a greater focus on climate-related risks, conflicts of interest for brokers (Regulation Best Interest) and investment advisers (fiduciary duty), and attendant risks relating to FinTech. Read the press release > Read the report > ### [...]
WASHINGTON, D.C. (February 16, 2021) -- U.S. Senate Banking Committee Ranking Member Pat Toomey (R-PA) and U.S. House Financial Services Committee Ranking Member Patrick McHenry (R-NC) are urging the Securities and Exchange Commission (SEC) to start or complete seven good government initiatives, several of which have been awaiting action for years. Read more > ### About the Small [...]
WASHINGTON, D.C. (January 7, 2021) -- The SEC has released a number of updates to the targeted relief measures it has taken during the pandemic. One of these updates is related to the order issued last April regarding co-investment transactions. While the SEC is not technically extending the applicability date of that order, it has announced it [...]
WASHINGTON, D.C. (December 5, 2020) -- In April, the Securities and Exchange Commission issued an order regarding coinvestment transactions, providing temporary, conditional exemptive relief for business development companies (BDCs) to enable them to make additional investments in small and medium-sized businesses, including those with operations affected by COVID-19. On December 4, the SBIA submitted a letter to the SEC requesting an [...]
WASHINGTON, D.C. (December 4, 2020) -- On December 4, the Small Business Investor Alliance (SBIA) submitted a letter to the Securities and Exchange Commission (SEC) regarding the agency's proposed amendments to rules that require an open-end management investment company to disclose “acquired fund fees and expenses” (AFFE). We applaud the SEC for taking into account many [...]