Funds that invest in small and developing businesses are getting streamlined offering rules from a divided SEC.
The Securities and Exchange Commission on Wednesday voted 3-1 along ideological lines to adopt regulations that align certain agency requirements for business development companies and other closed-end funds with those of many companies.
Democratic Commissioner Allison Lee was the only SEC member to vote against the new rules. The commissioners didn’t gather in person for the open meeting, but voted remotely using live audio feeds played online due to the coronavirus.
BDCs and other closed-end funds were excluded from earlier SEC rule intended ...