💼SEC Notice on Co-Investment for Business Development Companies
The SEC has issued a notice regarding an application from various business development companies for permission to co-invest in portfolio companies alongside affiliated investment entities. The notice outlines streamlined procedures compared to previous orders and details applicant information. The application aims to facilitate joint financial ventures and improve investment strategies in compliance with SEC regulations.
Learn More📄Update on Beneficial Ownership Reporting Requirements and Exemptions
FinCEN is adopting this interim final rule to narrow the existing beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA) to require only entities previously defined as "foreign reporting companies" to report BOI. Under this interim final rule, entities previously defined as "domestic reporting companies" are exempted from the reporting requirements and do not have to report BOI to FinCEN, or update or correct BOI previously reported to FinCEN. With limited exceptions, the interim final rule does not change the existing requirement for foreign reporting companies to file BOI reports, but it extends the deadline to file initial BOI reports, and to update or correct previously filed BOI reports, to 30 days from the date of this publication to give foreign reporting companies additional time to comply. However, the interim final rule exempts foreign reporting companies from having to report the BOI of any U.S. persons who are beneficial owners of the foreign reporting company and exempts U.S. persons from having to provide such information to any foreign reporting company for which they are a beneficial owner. FinCEN is accepting comments on this interim final rule. FinCEN will assess the exemptions, as appropriate, in light of those comments and intends to issue a final rule this year.
Learn More📈SEC Notice for Exemption on Issuing Multiple Share Classes
The SEC has issued a notice regarding an application from North Haven Private Income Fund LLC and others for an exemption under the Investment Company Act of 1940. This exemption would allow investment companies to issue various classes of shares with differing sales loads and fees, potentially altering the structure of financial services within the business development sector.
Learn More📈SEC Notification on Goldman Sachs Private Credit Corp. Application
The SEC issued a notice concerning Goldman Sachs Private Credit Corp.'s application for an exemption under the Investment Company Act to issue multiple classes of shares. This action seeks to enhance investment flexibility for registered closed-end investment companies regulated as business development companies. Interested parties may request a hearing regarding this application.
Learn More📈SEC Extends Compliance Date for Investment Company Name Regulations
The Securities and Exchange Commission ("Commission") is extending the compliance dates for the amendments to the rule under the Investment Company Act of 1940 ("Investment Company Act") that addresses certain broad categories of investment company names that are likely to mislead investors about the investment company's investments and risks, as well as related enhanced prospectus disclosure requirements and Form N-PORT reporting requirements, that were adopted on September 20, 2023. The compliance date is extended from December 11, 2025 to June 11, 2026, for fund groups with net assets of $1 billion or more as of the end of their most recent fiscal year; and from June 11, 2026 to December 11, 2026, for fund groups with less than $1 billion in net assets as of the end of their most recent fiscal year. In addition, the Commission is modifying the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to the fund's fiscal year-end.
Learn More📈SEC Notice on Columbia Credit Opportunities Fund Exemptions
The notice from the Securities and Exchange Commission pertains to an application for exemptions under the Investment Company Act, allowing the Columbia Credit Income Opportunities Fund to issue multiple classes of shares and implement service fees and early withdrawal charges. Interested parties may request a hearing on the matter.
Learn More💼SEC Notice for Co-Investment Order Application
MA Specialty Credit Income Fund and its affiliates have applied for an SEC order to permit co-investment among closed-end management investment companies and business development companies. This notice outlines the application process and includes instructions for requesting a hearing or additional information.
Learn More📊SEC Proposed Collection for Rule 17j-1
The SEC is seeking comments on the proposed extension of Rule 17j-1, which governs conflicts of interest for investment company personnel. This rule requires investment organizations to implement ethical codes, report personal securities transactions, and maintain records to enhance regulatory compliance and oversight among Access Persons.
Learn More📄Regulatory Update
The SEC has submitted a request for extension on Rule 17a-8, which regulates mergers of affiliated investment companies. The rule provides exemptions for certain transactions while imposing requirements for asset valuation and shareholder approvals, emphasizing governance and compliance responsibilities for funds engaging in mergers.
Learn More💼Rule 17f-4
The SEC issues a notice regarding the extension of Rule 17f-4, which governs the use of securities depositories by registered management investment companies. This rule outlines the conditions and reporting responsibilities associated with custodial arrangements, ensuring internal controls and financial reporting standards are met by custodians and funds dealing with securities depositories.
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