SEC Amends Guidance on Offering Reforms for Business Development Companies and Registered Closed-End Funds

The SEC has issued final rule, Securities Offering Reform for Closed-End Investment Companies. The final rule allows “business development companies (BDCs) and registered closed-end funds (collectively, “affected funds”) to use the registration, offering, and communications rules that are already available to operating companies.” The amendments satisfy the mandate set by Congress in the Small Business Credit Availability Act and the Economic Growth, Regulatory Relief, and Consumer Protection Act.

For more information, see the press release and statements by SEC Chairman Jay Clayton, Commissioner Elad L. Roisman, and Commissioner Allison Herren Lee on the SEC’s Web site.