12/20/2018 | Content area:
We are adopting a rule to implement a provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The new rule requires a company to d...
12/06/2018 | Content area:
The SEC was crystal clear in its 2018 priorities letter and the pronouncement will likely appear yet again in next year’s iteration: “the proper discl...
12/04/2018 | Content area:
Although this accounting error was not quantitatively large as a percentage of net asset value or net income, KCAP determined that the erroneous recor...
12/03/2018 | Content area:
This matter arises from FSM’s improper allocation of expenses to its former business development company (“BDC”) clients, and failures relating to the...
10/09/2018 | Content area:
The Commodity Futures Trading Commission (CFTC or Commission) is proposing amendments to its regulations to permit commodity pool operators (CPOs) tha...
10/04/2018 | Content area:
The SEC’s Division of Investment Management is revisiting the prohibition on the use of testimonials as part of its broader effort to consider recomme...
9/07/2018 | Content area:
Investment Company Act of 1940 — Section 57(a) and Rule 17d-1
Golub Capital BDC, Inc., et al.
September 7, 2018
Response of the Chief Counsel's Offi...
7/20/2017 | Content area:
Some dispute that the recent SEC document request letter on business development companies that we shared with you comes from a sweep exam (IA Watch, ...
7/19/2017 | Content area:
This correspondence is another OCIE document request letter that looks at business development companies.
6/29/2017 | Content area:
With cybersecurity risks threatening our privacy, it’s no wonder some would seek technology to shield their communications from prying eyes. But you c...
6/28/2017 | Content area:
A peer at an investment advisory firm that has BDC funds shares a copy of a OCIE sweep exam letter sent to the firm.
8/11/2016 | Content area:
FINRA has announced that it is conducting a targeted exam sweep with respect to non-traded business development companies. The SRO is asking that sele...
3/21/2016 | Content area:
The FAST Act revised the venture capital fund adviser exemption by deeming SBICs to be venture capital funds for purposes of the exemption. Because an...
1/21/2016 | Content area:
It could seem that an SEC enforcement action against a business development company is as rare as a winter sun in Alaska. But recently the Commission ...
1/15/2016 | Content area:
INVENT also misrepresented its valuation policy in its periodic filings and failed to implement it, in that INVENT did not consult an advisory board a...
12/11/2015 | Content area:
Investment Adviser | Broker-Dealer | CPO/CTA | Private Fund
The Securities and Exchange Commission is proposing rule 18f-4, a new exemptive rule under the Investment Company Act of 1940 designed to address the ...
6/01/2015 | Content area:
An off-balance sheet loan program coming into wider use has been providing a partial work-around to the one-to-one debt-to-equity ratio cap for busine...
12/01/2014 | Content area:
The staff is issuing this guidance in response to a public inquiry that the staff has received concerning a BDC’s co-investment transactions. The guid...
10/31/2014 | Content area:
This Guidance Update provides the views of the Division’s Chief Accountant’s Office regarding the presentation of consolidated financial statements fo...
6/01/2014 | Content area:
Recently, the staff has become aware that certain BDCs have sought to rely on this limited relief in connection with SBICs that have not issued indebt...