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On January 5, 2021, the Securities and Exchange Commission (the SEC) issued a Public Statement updating the targeted regulatory relief that the SEC previously had granted in an effort to assist market participants, including business development companies (BDCs), throughout the coronavirus (COVID-19) pandemic (the Updated Relief Statement). As discussed further below, the two primary components of the Updated Relief Statement that apply to BDCs are as follows:
In-Person Board Meetings. The SEC confirmed that the previously granted relief, which permitted, subject to certain conditions, virtual board of directors meetings and virtual approval of certain agreements, plans or arrangements pursuant to the Investment Company Act of 1940, as amended (the 1940 Act), will remain in effect until such relief is terminated by the staff (the Staff) of the Division of Investment Management of the SEC (the Division).