Investment Funds Update

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

April 21, 2020

The U.S. Securities and Exchange Commission has adopted rule and form amendments allowing business development companies and closed-end investment companies registered under the Investment Company Act to use the securities offering rules available since 2005 for other issuers (i.e., operating company issuers), including:

Use of Short-Form Registration Statements and Forward Incorporation by Reference
WKSI Status for Eligible Affected Funds
Automatic or Immediate Effectiveness for Filings by Affected Funds Conducting Certain Continuous Offerings
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 Amendments

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