SEC Eases Regulations On Business Development Companies
Law360 (April 8, 2020, 8:01 PM EDT) -- The Securities and Exchange Commission on Wednesday agreed to ease rules on business development companies and certain funds over the objection of a dissenting commissioner, who argued the agency is weakening investor protections amid market turbulence and a health crisis.
By a 3-1 vote with Commissioner Allison Herren Lee in opposition, the SEC approved registration rules for BDCs and other registered closed-end funds that already apply to public companies. The changes reflect mandates set by two congressional bills passed in 2018, namely the Small Business Credit Availability Act and the Economic, Growth Relief, and Consumer Protection Act.
BDCs are vehicles that...
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