On Wednesday, March 20, the Securities and Exchange Commission voted to propose rule amendments to implement certain provisions of the Small Business Credit Availability Act and the Economic Growth, Regulatory Relief and Consumer Protection Act. The proposed amendments would modify the registration, communications, and offering processes available to business development companies and registered closed-end funds, building on offering practices that operating companies currently use. The proposal will have a 60-day public comment period following its publication in the Federal Register, and includes proposed rule amendments related to:

  • the shelf offering process;
  • the ability to qualify for Well-Known Seasoned Issuer (WKSI) status;
  • communications and prospectus delivery reforms;
  • a new method for interval funds to pay registration fees;
  • structured data requirements;
  • periodic and current reporting requirements; and
  • incorporation by reference.