SEC Extends Rarely Used Sales Material Review Rule
Published Date: 5/19/2025
Notice
Summary
The SEC wants to keep Rule 607, which makes small business investment companies (SBICs) and business development companies (BDCs) send in their sales materials five days before using them. This rule helps protect investors from misleading ads. Even though no one filed under this rule in the past three years, the SEC is asking for comments to extend it just in case, with no new costs or deadlines.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
Five‑Day Filing Before Sales Use
If you are a small business investment company (SBIC) or a business development company (BDC) making an offering under Regulation E (offerings where aggregate sales in a 12‑month period do not exceed $5,000,000), you must file any sales material with the SEC at least five days (excluding weekends and holidays) before using it.
Extension With Minimal Burden
The SEC proposes to extend Rule 607 without adding new costs or deadlines; it reports no filings under Rule 607 in 2022, 2023, or 2024 and estimates an administrative burden of one hour annually for filing sales material electronically.
Investor Protection From Misleading Ads
The SEC staff reviews sales material filed under Rule 607 for materially misleading statements and omissions; Rule 607 is designed to protect investors from false or misleading sales material used in Regulation E offerings.
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