On September 19, the Committee submitted a comment letter to the Securities and Exchange Commission (the “SEC”) on its concept release on harmonization of securities offering exemptions (the “Concept Release”).

The Committee previously released a report in November 2018, Expanding Opportunities for Investors and Retirees: Private Equity (the “Private Equity Report”), which included a proposal that the SEC rescind its informal 15% limit on public closed-end fund investment in private equity funds. The staff of the Committee prepared a question and answer supplement to this report to provide further clarity as to the policy, legal and practical issues related to this proposal. We submitted both the Private Equity Report and the question and answer supplement in response to the SEC in response to the Concept Release.

The Committee’s letter can be found here.