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ARTICLE · 04 JUNE 2020

SEC's Securities Offering And Communications Reforms For BDCs And Closed-End Funds

Mayer Brown
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This Lexis Practice Advisor: First Analysis article discusses the final rule amendments adapted by the U.S. Securities and Exchange Commission (SEC) that modernize the offering related...

United StatesCorporate/Commercial Law
J. Paul Forrester
J. Paul Forrester
Adam Kanter
Adam Kanter
Anna T. Pinedo
Anna T. Pinedo
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This Lexis Practice Advisor: First Analysis article discusses the final rule amendments adapted by the U.S. Securities and Exchange Commission (SEC) that modernize the offering related provisions of the Securities Act of 1933, as amended (the Securities Act), and the communications safe harbors available to business development companies (BDCs) and closed-end funds (CEFs), including interval funds but excluding open-end funds, exchange-traded funds and unit investment trusts. This article also discusses accompanying amendments to Form N-2. The SEC was required to undertake rulemaking with respect to BDC's by the Small Business Credit Availability Act, and to undertake rulemaking with respect to CEFs by the Economic Growth, Regulatory Relief and Consumer Protection Act. The new rules will allow BDCs and CEFs to use the securities offering and communication rules that are already available to operating companies.

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This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.

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