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Apollo, Ares Dealt SEC Blow in Bid to Ease Lending Company Rules

Jan. 17, 2020, 7:31 PM

Specialty lending companies managed by Apollo Global Management Inc. and Ares Management LP have been handed a setback in their efforts to win softer rules.

The U.S. Securities and Exchange Commission signaled it won’t grant exchange-traded business development companies an outright exemption from fee disclosure rules, according to a letter filed this week with the regulator. The Coalition for Business Development, whose founding members are Apollo and Ares BDCs, is withdrawing its SEC application requesting that BDCs receive an exemption after the agency’s staff recommended it do so, the letter states.

BDCs, which lend to small and mid-size companies, are...

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