SEC Adopts Amendments to Financial Disclosure Requirements That Enhance the Ability of Umbrella Partnerships to Offer SEC-Registered Debt
On March 2, 2020, the Securities and Exchange Commission adopted significant amendments to its rules that will simplify and streamline the financial disclosure requirements applicable to registered offerings of debt securities that are guaranteed by related entities. Among other significant changes, these amendments will enhance the ability of businesses organized as multiple-tier umbrella partnership structures, such as UP-Cs and UPREITs to issue SEC-registered debt securities.