This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

SEC issues guidance on communications related to security-based swaps and changes to the investment adviser rules

  • SEC document Image

Jan 08, 2018

The SEC has issued two final rules, “Treatment of Certain Communications Involving Security-Based Swaps That May Be Purchased Only by Eligible Contract Participants” (Final Rule 33-10450) and “Amendments to Investment Advisers Act Rules to Reflect Changes Made by the FAST Act” (SEC Rule IA-4839).

Under Final Rule 33-10450, “certain communications involving security-based swaps will not be deemed to constitute ‘offers’ of such security-based swaps for purposes of Section 5 of the Securities Act.”

Final Rule IA-4839 amends the definitions of (1) “venture capital fund” to include “small business investment companies” and (2) “assets under management” to exclude the assets of small business investment companies with respect to implementing the private fund adviser exemption. This amendment reflects changes that the Fixing America’s Surface Transportation Act made to the Investment Advisers Act.

For more information, see the final rules (33-10450 and IA-4839) on the SEC’s Web site.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.