SEC Commissioner Hester M. Peirce encouraged regulators to take "bold action" to facilitate capital formation and help small businesses cope with the economic impacts of the COVID-19 pandemic.
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The Investment Company Institute and the Managed Funds Association responded to an SEC concept release on Securities Act registration exemptions that facilitate capital raising.
The SEC concept release reviewing the framework for exempt offerings was published in the Federal Register.
The SEC Division of Investment Management granted no-action relief, allowing certain Puerto Rico retirement plans to participate in "bank-maintained" collective trust funds without requiring the trust to register under the Investment Company Act, the Securities Act or the Exchange Act. The no-action relief under the Investment Company Act was granted primarily because the Puerto Rico retirement plans do not meet the requirements for qualification under Section 401 of the Internal Revenue Code. Thus, collective trust funds accepting the assets of such plans would not, absent relief, be able to
The SEC (i) raised the threshold above which non-reporting companies that offer certain compensatory benefit plans are required to deliver disclosures to investors, and (ii) requested comments on other potential changes to compensatory arrangements.