ICI Applauds SEC Proposed Reforms to Registered Offerings

Washington, DC; May 19, 2026—Today the Investment Company Institute (ICI) released the following statement on the Securities and Exchange Commission’s (SEC) proposed amendments to registered offerings. 

“ICI is pleased to see the SEC’s proposed amendments include reforms that would encourage capital formation and expand access to closed-end funds (CEF) and business development company (BDC) offerings. The removal of the ‘One-Year Seasoning’ requirement for listed CEFs and BDCs will allow issuers to launch at-the-market offerings on day one and support secondary-market trading for retail investors.  

“Additionally, the Commission’s proposed reforms on state registration will reduce millions of dollars in compliance costs. Registering unlisted BDCs across all 50 states and the District of Columbia can take years and cost investors millions of dollars in legal and filing expenses. Those burdens have discouraged broader public offerings and pushed many issuers toward private BDC structures available only to accredited investors. These reforms would be a significant step toward ICI and the SEC’s shared goal in making IPOs great again for retail investors.”