The U.S. Small Business Administration (SBA) formally announced on December 5 that it has delegated authority to the Agency Licensing Committee to review and recommend applications for approval to operate as Small Business Investment Companies under the Small Business Investment Act of 1958, as amended.
This authority revokes all other authorities previously granted by the Administrator to recommend and approve these applications.
The Agency Committee will be composed of the following members:
- Deputy Administrator;
- Associate Administrator for Capital Access;
- Associate Administrator for Investment and Innovation;
- Associate Administrator for Government Contracting and Business Development;
- Deputy General Counsel; and
- Chief Financial Officer.
This authority may not be re-delegated, however in two instances an individual not listed as serving on the Agency Committee may serve in an acting capacity. First, if a person serving as a member of the Agency Committee is absent from the office, or is unable to perform the functions and duties of the position, the individual serving in an acting capacity pursuant to a written and established line of succession may serve on the Agency Committee. Second, if one of the positions listed as a member of the Agency Committee is vacant, the individual serving in that position in an acting capacity shall serve on the Agency Licensing Committee.
This authority remains in effect until revoked in writing by the SBA or by operation of law.
The private equity practice group at McGuireWoods is dedicated to keeping clients advised of new legislative and business developments as they occur. If you have any questions regarding these issues, please feel free to contact Mark A. Kromkowski (+1 312 849 8170) or your primary attorney at McGuireWoods.