May 11, 2020

SEC Relief for, and New Rules Applicable to, Business Development Companies




During this Briefing we will provide an overview of the market conditions facing business development companies (BDCs) as a result of the pandemic and associated market dislocations. As a result of these events, the Securities and Exchange Commission (SEC) has provided temporary relief to BDCs, which we will discuss. The SEC also recently approved final amendments that significantly change the regulatory framework related to securities offerings undertaken by BDCs and closed end funds (CEFs), as well as the availability of the communications safe harbors for BDCs and CEFs.

Brian D. Hirshberg and Anna T. Pinedo of Mayer Brown LLP, and Michael McMahon of Houlihan Lokey Inc. will address:

  • Market impact to BDCs and CEFs of pandemic;
  • Rights offerings and other financings and financing prospects;
  • SEC relief made available to BDCs related to leverage and to joint and co-investment transactions;
  • SEC relief related to meeting and related 1940 Act requirements;
  • Exchange Act filing relief;
  • Offering reforms;
  • Communications reforms; and
  • Other SEC developments applicable to BDCs

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