SEC reforms open door to BDC market shakeup [Reuters]
Medley Mgmt, Inc (MDLY)
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Source: Reuters
SEC reforms open door to BDC market shakeup NEW YORK, July 11 (LPC) - The US Securities and Exchange Commission’s (SEC) fund of funds proposals potentially open the door to a shakeup in the Development Company (BDC) market. Under the existing guidelines, regulated funds are prohibited from owning more than 3% of another fund’s outstanding voting securities, a limitation that has restricted activist funds from having a big influence on the sector. “If you can’t own more than 3% in a BDC then you don’t have the natural consequences of activism that improves governance,” said one fund manager. “Activism is capitalism doing its job.” As a result, some have argued that the relaxation of the 3% rule to attract more institutional capital into the sector is best placed to put pressure on underperforming BDCs and improve the overall governance across the market. “The limitation on funds investing in other funds reflects a long-held concern over pyramiding of investment funds, although the hist
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