Business development company representatives petitioned the SEC to “modernize” its rules pertaining to such entities.  BDCs are a type of private company that invests in small and mid-sized businesses.

The SEC has long disfavored BDCs, but none of these representatives want the SEC to allow BDCs to operate under rules that apply to traditional public companies, such as the ability to file automatic shelf registration statements, and to release factual and forward-looking business information through free-writing prospectuses, among other things.

In all likelihood, this petition is going nowhere given the SEC’s long standing animosity towards BDCs.