Finra launches exam sweep of business development companies

One area the regulator is focusing on is brokers who have selling agreements with each BDC

Aug 4, 2016 @ 1:46 pm | By Mark Schoeff Jr. | Investment News

Finra has launched an examination sweep of nontraded business development companies, the latest alternative investment product to receive increased scrutiny from the broker-dealer regulator.

In an exam letter posted on its website Thursday, the Financial Industry Regulatory Authority Inc. said it is requesting a list of BDCs offered by Finra members as well as a list of the brokers who have selling agreements with each BDC.

The organization also is seeking a copy of the firms’ due diligence procedures for evaluating the BDC and participating brokers.

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