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IPA Participated in Joint Trades Call with SEC Commissioners to Advance
Dialogue on AFFE Initiatives Related to BDCs


The IPA today participated in a Joint Trades call with SEC Commissioners advancing dialogue regarding application of the SEC’s Acquired Fund Fees and Expenses (AFFE) rule disclosure requirement to BDCs.

We urged the SEC to tailor those requirements to limit the adverse and unintended impact that AFFE has on BDCs. Ultimately a fix to the AFFE rule would provide increased liquidity for both BDCs and the companies in which they invest, and further support the middle-market recovery from the current market condition caused by the COVID-19 pandemic.

The IPA remains committed to advancing critical advocacy issues both through direct dialogue and through coalition-led partnerships on behalf of the entire industry. It’s imperative – now more than ever – to continue driving these issues forward as we look toward a broad recovery in the second half of the year and into 2021. As always, we welcome feedback and input from the entire IPA community.

Participants on today’s Joint Trades call included representatives from the US Chamber Center for Capital Markets Competitiveness, the Small Business Investor Alliance, and industry representatives from IPA member firms.

Please don’t hesitate to reach out to Tony or me if you have any questions.

Best Wishes,

Anya Coverman
SVP, Government Affairs and General Counsel
Institute for Portfolio Alternatives