SEC Proposes Changes to Financial Disclosure Requirements That Will Enhance the Ability of Umbrella Partnerships to Issue SEC-Registered Debt
On July 24, 2018, the Securities and Exchange Commission proposed significant amendments to its rules designed to simplify and streamline the financial disclosure requirements applicable to registered offerings of debt securities that are guaranteed by related entities. Among these proposals are ones which, if adopted, will enhance the ability of businesses organized as multiple-tier umbrella partnership structures, such as UP-Cs, UPREITs and UP-PTPs, to issue SEC-registered debt securities.