Sidley Updates

SEC Proposes Offering Reforms for Business Development Companies and Registered Closed-End Funds

May 2, 2019

The SEC has proposed rule and form amendments intended to improve access to capital and facilitate investor communications by business development companies and registered closed-end investment companies. The proposed rule and form amendments would enable eligible business development companies and closed-end funds to use securities offering rules that are currently available only to certain operating company issuers, including:

Use of Short-Form Registration Statements and Forward Incorporation by Reference
WKSI Status for Eligible Affected Funds
Final Prospectus Delivery Reforms: Access Equals Delivery
Communications Reforms
New Registration Fee Payment Method for Interval Funds
Broker-Dealer Research Reports
Disclosure and Reporting Parity Proposals

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