SEC Division of Trading Markets No-Action Letter: Order Granting Business Development Corporation of America a Limited Exemption from Rule 102(a) of Regulation M

The SEC (not merely the staff) issued an order permitting an issuer that is a business development company, registered under the Investment Company Act, to conduct share repurchase during a period when it is engaged in a continuous distribution of its shares. The order is subject to substantial conditions including that there is no trading market in the issuer's shares, that there are volume limits on the number of shares purchased, and that the repurchase price for any share does not exceed the then current offering price of the issuer's stock. See generally: Lofchie's Guide to Broker-Dealer Regulation: Trading Chapter, Regulation M Requirements.

View no-action letter here (links externally to SEC website).See also: Incoming letter.