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 [...]
Bipartisan bill would ensure accurate disclosure to small business investors Amendments will update and modernize mutual fund and exchange-traded fund disclosures to provide greater clarity and more consistent information regarding fees, expenses, and principal risks Washington, D.C. (August 10, 2020) – The Small Business Investor Alliance (SBIA), the premiere association representing lower middle market private [...]
Bipartisan bill would ensure accurate disclosure to small business investors WASHINGTON, D.C. (June 25, 2020) – The Small Business Investor Alliance (SBIA), the premiere association representing Business Development Companies (“BDCs”) and lower middle market private equity and its investors, today announced that bipartisan legislation has been introduced by Rep. Brad Sherman (D-CA) and Rep. Steve Stivers (R-OH) that [...]
By BDC Council | May 15, 2020 New guidance from the Internal Revenue Service allows RICs and REITs to retain more capital by distributing less cash to shareholders in certain stock distributions—welcome relief during the current economic volatility resulting from the coronavirus (COVID-19) pandemic. “The new guidance temporarily expands the existing safe harbor of Revenue Procedure [...]