SEC Proposes Optional Semiannual Reporting For BDCs

Key Takeaways

• The SEC has proposed rule and form amendments that would give business development companies (“BDCs”) the option of filing semiannual reports in lieu of quarterly reports to satisfy their interim reporting obligations under the federal securities laws.
• If adopted, BDCs could elect to file semiannual reports on a new Form 10-S instead of quarterly reports on Form 10-Q, resulting in one semiannual report on Form 10-S and one annual report on Form 10-K per fiscal year rather than three quarterly reports on Form 10-Q and one annual report on Form 10-K. The election would be made by a BDC on an annual basis in conjunction with the filing of its annual reports on Form 10-K and govern the BDC’s reporting cadence for the entire fiscal year in which the Form 10-K was filed.