Steven B. Boehm

Steven B. Boehm: Attorney with Eversheds Sutherland (US) LLP AV stamp icon
  • Partner at Eversheds Sutherland (US) LLP (435 Attorneys)
  • 700 Sixth Street NW, Suite 700, Washington, DC 20001-3980
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  • Steven B. Boehm
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Attorney Awards

Biography

Nationally recognized for his broad knowledge of investment regulation and structuring, Steve Boehm is widely acknowledged as the preeminent authority on investment funds structured as business development companies (BDCs). Steve guides his clients in successfully navigating the intricate rules and regulations of the US Securities and Exchange Commission (SEC), especially the Investment Company Act of 1940. He and his team represent many of the nation’s largest BDCs, and he advises on a broad range of legal matters and transactions, including initial public offerings (IPOs).

Steve began his career at the SEC, serving in the Enforcement Division and on the Executive Staff, and that insider perspective and knowledge inform his work today. He advises clients on establishing and operating public and private open- and closed-end investment funds, and he also assists clients in developing structural alternatives for taking private equity investment opportunities to public investors. Steve is recognized as a leading authority on the organization and operation of Section 529 college tuition savings plans. He leads the Eversheds Sutherland (US) Capital Markets and Investments Team.

Experience

“The most significant work I’ve done is being a leader in the BDC community. I’ve helped rationalize the way they’re regulated by the SEC and helped the BDC industry grow exponentially since 1994. At the same time, I’ve helped develop our BDC expertise from its infancy to its current status as a world-class practice-we are the nation’s go-to firm in this space.”

Experience

Served as counsel to Triangle Capital Corporation in its multi-segment disposition to Benefit Street Partners and Barings BDC.
Serves as counsel to the Independent Directors of Goldman Sachs Middle Market Lending Corp.
Represented Oxford Lane Capital Corp. in its $300 million at-the-market offering of common stock.
Represented Runway Growth Credit Fund Inc. in its $275 million initial private placement offering for this private BDC.

Publications

“Few rigid legal guidelines exist relating to the preparation of minutes from board of directors and board committee meetings. The task is as much art as science, but following some basic principles can promote the goals of corporate boards while limiting their exposure to liability.”

Legal Alerts

Legal Alert: SEC proposes to expand “testing-the-waters” provisions to all issuers (February 25, 2019)
Overview On February 19, 2019, the Securities and Exchange Commission (SEC) announced a proposal to expand the “testing-the-waters” exemption to all issuers. Currently the exemption is limited to ...

Legal Alert: Fund of funds flexibility - What’s important to BDCs and closed-end funds in the SEC’s rule proposal, including a request for comments on AFFE (January 14, 2019)
On December 19, 2018, the US Securities and Exchange Commission (SEC) issued a release (the Release) proposing new rule 12d1-4 (the Proposed Rule) and related amendments to streamline and enhance the ...

Legal Alert: SEC operating status during the government shutdown (January 2, 2019)
The US Securities and Exchange Commission (SEC) will follow its Operations Plan Under a Lapse in Appropriations and Government Shutdown (the Operations Plan) during the government shutdown, which ...

Legal Alert: Considerations for the 2019 proxy season (December 21, 2018)
Companies preparing for their annual shareholder meetings will need to consider a variety of factors, including new Securities and Exchange Commission (SEC) requirements, guidance from Institutional ...

Legal Alert: SEC fines BDC investment adviser for misallocation of expenses and valuation failures (December 12, 2018)
On December 3, 2018, the Securities and Exchange Commission (the SEC) entered an order (the Order) to settle charges arising out of an enforcement action against Fifth Street Management, LLC (FSM). ...

Legal Alert: SEC approves amendment to Nasdaq 20% rule to relax the market value test (October 17, 2018)
The US Securities and Exchange Commission (SEC) has approved an amendment to Nasdaq Rule 5635(d), also known as the “20% Rule,” to modify the situations in which a company must obtain shareholder ...

Legal Alert: SEC Staff states that IRS Form 1099-DIV cannot be used to satisfy the requirements of Section 19(a) of the Investment Company Act of 1940 (September 13, 2018)
Section 19(a) of the Investment Company Act of 1940 (the 1940 Act) generally prohibits a business development company (BDC) or a registered investment company from making a distribution from any ...

Legal Alert: The SEC prunes its disclosure rules and forms, but will the changes bear fruit for registered investment companies and BDCs? (September 5, 2018)
The US Securities and Exchange Commission (SEC) has adopted final rules1 to eliminate “redundant, duplicative, overlapping, outdated, or superseded” disclosure requirements in light of other SEC ...

Legal Alert: SEC permits internet delivery of investment company shareholder reports-including insurance company separate accounts (June 25, 2018)
The Securities and Exchange Commission (SEC) on June 5, 2018, adopted Rule 30e-3 under the Investment Company Act (the Rule), which permits “notice and access” delivery of investment company ...

Client Alert: Highlighting itemized deduction limitations for private BDC investors (June 6, 2018)
In collaboration with RSM.
In collaboration with RSM.

Articles

Spring Surprise: Long-Awaited BDC Legislation Enacted (Summer 2018)
The Investment Lawyer
Washington is full of the unexpected these days. For the asset-management industry, this was demonstrated by Congress’ passage on March 23, 2018, of long awaited business development company (BDC) ...

The Emerging Popularity of Interval Funds (May 30, 2017)
Law360
In the past few months, there has been a considerable upsurge in interest in interval funds by money managers in light of the investor demand and appetite for them. In their article of Law360, ...

Riding the Business Development Company Strategic Transaction Wave: Beware of the Regulatory Rip Currents (June 2016)
The Investment Lawyer
Given the recent turmoil in the business development company (BDC) space, even the largest BDCs have not been immune to the appeal of potentially accretive acquisitions. It is likely that many BDCs ...

Is the SEC Poised to Broaden Co-Investment Relief? (March 24, 2016)
Law360
The U.S. Securities and Exchange Commission (SEC) Division of Investment Management recently issued a notice with regard to the application for co-investment relief filed by Apollo Investment Corp. ...

Bridging Turbulent Waters: BDCs Overcome Difficult Co-Investment Issues (April 2015)
The Investment Lawyer
As private investment funds reassess their participation in the capital markets, business development companies (BDCs) have emerged as viable alternative investment vehicles for those seeking to ...

Will The Volcker Rule Make BDCs More Popular? (April 30, 2014)
Law360
A seemingly unknown investment vehicle until about 10 years ago, business development companies (BDCs) are becoming more attractive and are beginning to make waves in the financing world, ...

Commented - Overlooked Dividend Plays (March 30, 2012)
Financial Advisor

Preparing Corporate Minutes: Time Well Spent (February 14, 2012)
Reprinted with permission from Securities and M&A Law360
Partner Steven B. Boehm and Associate Vlad M. Bulkin, both members of Sutherland’s Corporate Practice Group, co-authored the article Preparing Corporate Minutes: Time Well Spent, which appeared in ...

Social Media: A Cautionary Tale (January 2012)
The Investment Lawyer
Across many areas of government, officials face a challenge when it comes to maintaining pace with social media that continues to develop at light speed. This situation is familiar to the regulators ...

Keeping it in the Family: Dodd-Frank Exempts Family Offices from the Advisers Act (March 2011)
The Investment Lawyer

Presentations

“One could argue that BDCs are the solution in this current environment when banks don’t have the money to lend to the middle market. BDCs provide capital. Logically, this industry should be much bigger.”

Presentations

Podcast: Quick Call: BDC Industry Update (November 17, 2016)
Sutherland attorneys Cynthia Krus, Harry Pangas, David Roby, and William Watts present their bi-monthly roundup of recent BDC industry developments. The call will include:The new Form ADV ...

Podcast: Quick Call: BDC Industry Update (November 17, 2015)
Please join Sutherland’s BDC Team for our bi-monthly roundup of recent BDC industry developments, including SEC staff positions and interpretations and other updates of interest. The call will ...

Chair, BDC Roundtable (2002-2015)

Capital Roundtable (February 26, 2015)
Sutherland is a proud Marquee sponsor of the 2015 Capital Roundtable held February 26, 2015, in New York, NY. Sutherland Partners Cynthia Krus and Steve Boehm moderate panels “Maximizing Yield -- ...

Update on BDC Industry (September 12, 2012)
Sutherland 2012 BDC Roundtable
Sutherland attorneys Steve B. Boehm, Cynthia M. Krus, John J. Mahon, Harry S. Pangas, John H. Walsh, Scott M. Hobby, Neil S. Lang and Deborah G. Heilizer are speaking at the 2012 BDC Roundtable on ...

National Society of Compliance Professionals National Membership Meeting (September 11, 2012)
National Society of Compliance Professionals

Capital Roundtable - Capital Raising Requirements of BDCs (May 3, 2012)
Capital Roundtable
Sutherland Corporate Practice Group Partners Steven B. Boehm, Cynthia M. Krus, John J. Mahon and Harry S. Pangas and are speaking at the Capital Roundtable, May 3, 2012 in New York, New York. A ...

BDC Compliance: Understanding the Regulatory Perspective (November 2, 2011)
BDC Quick Call
On Wednesday, November 2, 2011, Sutherland's BDC and Alternative Assets Practice Team hosted a Quick Call BDC Compliance: Understanding the Regulatory Perspective. They were joined by John H. ...

BDCs: Understanding Business Development Companies (October 16, 2011 - October 18, 2011)
REISA 2011 Annual Conference
Sutherland Partner Steven B. Boehm is speaking at the REISA 2011 Annual Conference, October 16-18, 2011, at the Mirage Resort and Casino in Las Vegas, Nevada. Steve is moderating a panel entitled ...

The ABCs of BDCs (July 27, 2011)
Steven B. Boehm and Cynthia M. Krus

News

In the News

BDCs: Navigating Uncertain Markets (April 3, 2015)
Law360
Sutherland’s videocast on “BDCs: Navigating Uncertain Markets” is featured in Law360. In the video, Partner Steve Boehm illuminates several options that these hybrid investment companies may have to ...

Social Media: A Cautionary Tale (January 2012)
Across many areas of government, officials face a challenge when it comes to maintaining pace with social media that continues to develop at light speed. This situation is familiar to the regulators ...

Press Releases

18 Eversheds Sutherland Practice Areas, 68 Attorneys Named Among Nation’s Best in 2018 Legal 500 United States (May 30, 2018)
Eversheds Sutherland (US) LLP is pleased to announce that 18 practice areas and 68 attorneys have been recognized in the 2018 edition of The Legal 500 United States, a comprehensive survey of legal ...

19 Eversheds Sutherland Practice Areas, 59 Attorneys Named Among Nation’s Best in 2018 Chambers USA (May 3, 2018)
Eversheds Sutherland (US) LLP is pleased to announce that 19 practices and 59 attorneys have earned recognition in the 2018 edition of Chambers USA: America’s Leading Lawyers for Business. Chambers ...

16 Eversheds Sutherland (US) Attorneys Named 2018 Washington DC Super Lawyers and Rising Stars (April 23, 2018)
WASHINGTON-Eversheds Sutherland (US) LLP is pleased to announce that 10 of its attorneys based in Washington DC have been selected as top attorneys in the District of Columbia by Super Lawyers . ...

16 Eversheds Sutherland Partners Named Among the Best in the World by Expert Guides (September 8, 2017)
Eversheds Sutherland is pleased to announce that 16 partners have been selected by Expert Guides as among the best legal practitioners in the world in their respective practice areas. Published by ...

Four Eversheds Sutherland Attorneys Named Lawyer of the Year; 80 Lawyers Recognized in 2018 Edition of The Best Lawyers in America (August 15, 2017)
Eversheds Sutherland is pleased to announce that four attorneys have been selected as “Lawyer of the Year” in their respective fields by The Best Lawyers in America, and 80 attorneys have been ...

19 Eversheds Sutherland (US) Practice Areas, 58 Attorneys Named Among Nation’s Best in 2017 Legal 500 United States (May 31, 2017)
Eversheds Sutherland (US) LLP is pleased to announce that 19 practice areas and 58 attorneys have been ranked in the 2017 edition of The Legal 500 United States. Legal 500 is a comprehensive survey ...

20 Eversheds Sutherland (US) LLP Practice Areas, 56 Attorneys Named Among Nation’s Best in 2017 Chambers USA (May 26, 2017)
Eversheds Sutherland (US) LLP is pleased to announce that 20 practices and 56 attorneys at the firm earned recognition in the 2017 edition of Chambers USA: America’s Leading Lawyers for Business. ...

13 Sutherland Partners Named Among the Best in the World by Expert Guides (September 8, 2016)
ATLANTA and WASHINGTON-Sutherland Asbill & Brennan LLP is pleased to announce that 13 partners have been selected by Expert Guides as among the best legal practitioners in the world in their ...

Six Sutherland Attorneys Named Lawyer of the Year; 81 Lawyers Recognized in 2017 Edition of The Best Lawyers in America (August 15, 2016)
ATLANTA and WASHINGTON-Sutherland Asbill & Brennan LLP is pleased to announce that that six attorneys have been selected as “Lawyer of the Year” in their respective fields by The Best Lawyers in ...

16 Sutherland Practice Areas, 59 Attorneys Named Among Nation’s Best in 2016 Legal 500 United States (June 16, 2016)
ATLANTA and WASHINGTON-Sutherland Asbill & Brennan LLP is pleased to announce that 16 practice areas and 59 attorneys have been ranked in the 2016 edition of The Legal 500 United States. Legal 500 is ...

Multimedia

Quick call: BDC year-end round-up (December 19, 2018)
Eversheds Sutherland Partners Steve Boehm and Cynthia Krus hosted a “BDC year-end round-up” quick call on December 19, 2018. The call covered topics of interest to BDCs, including:two recent SEC ...

Video: 2018 BDC Roundtable (September 2018)
The 2018 BDC Roundtable was held on September 5-6 at the Renaissance Washington DC Hotel. With more than 300 registrants, the roundtable brought together industry executives, inside and outside ...

Videocast - The Small Business Credit Availability Act: an overview (March 30, 2018)
On March 23, 2018, Congress passed long-sought legislation, the Small Business Credit Availability Act, as part of its omnibus spending bill. The Small Business Credit Availability Act includes ...

Webcast: BDC Directors Training Series (May 24, 2017)
On May 24, 2017, Eversheds Sutherland (US) LLP presents the second part of our BDC Directors Training Series. The BDC Directors Training Series consists of complimentary webcasts focused on practical ...

Webcast: BDC Directors Training Series (January 26, 2017)
Sutherland attorneys Cynthia Krus, Lisa Morgan, and Terri Jordan, present the first session in their BDC Directors Training Series. The call will include:What is expected of a BDC ...

Podcast: Quick Call: BDC Industry Update (November 17, 2016)
Sutherland attorneys Cynthia Krus, Harry Pangas, David Roby, and William Watts present their bi-monthly roundup of recent BDC industry developments. The call will include:The new Form ADV ...

Podcast: Quick Call: BDC Industry Update - Insurance Coverage Trends (June 1, 2016)
Guest speakers from Willis Towers Watson and Travelers Insurance join the Sutherland BDC team to address the topic of insurance coverage trends for business development companies (BDCs), including, ...

Podcast: Quick Call: BDC Industry Update (January 20, 2016)
Please join Sutherland’s BDC Team for our bi-monthly roundup of recent BDC industry developments, including SEC staff positions, interpretations and other updates of interest. Our January ...

Podcast: Quick Call: BDC Industry Update (November 17, 2015)
Please join Sutherland’s BDC Team for our bi-monthly roundup of recent BDC industry developments, including SEC staff positions and interpretations and other updates of interest. The call will ...

Podcast: BDC Quick Call: Business Development Companies: The “New” Investment Vehicle of Choice Post Volcker? (April 2, 2014)
Sutherland attorneys Steve Boehm, Cynthia Krus and Harry Pangas are speaking on a Quick Call “Business Development Companies: The “New” Investment Vehicle of Choice Post Volker?” on April 2, 2014.

Awards and Rankings

“Our Eversheds Sutherland (US) team had success with high profile BDCs early on, such that we became the go-to law firm. Virtually everyone on Wall Street knows if you have a BDC problem, you come to us.”

Recognized by Expert Guides in the area of investment funds (2016)

Recognized by The Legal 500 United States in the area of capital markets: equity offerings (2015-2018) and financial sevices: regulatory (2016-2018)

Recognized by Chambers USA: Guide to Leading Business Lawyers in the area of investment funds - registered funds (2008-present)

Recognized as “Lawyer of the Year” by The Best Lawyers in America in the area of private funds/hedge funds law (2016, 2018)

Named to TheBest Lawyers in America in the areas of corporate law (2005-2019), mutual funds law (2005-2019), private funds law (2005-2014), securities law (2005-2011), private funds/hedge funds (2012-2019), securities/capital markets (2012-2019), and securities regulation (2012-2019)

Selected for inclusion in Washington, DC, Super Lawyers (2007-2016, 2018)

Named among Washington’s “Top 10 Dealmakers” by Legal Times magazine (2006)

Areas of Practice (11)

  • Financial Services
  • Capital Markets & Investments
  • Mutual Funds
  • Investment Adviser
  • Broker-Dealer
  • Private Capital
  • Private Investment Funds
  • Mergers & Acquisitions
  • Insurance
  • Insurance Products
  • Business Development Companies

Education & Credentials

Contact Information:
202.383.0176  Phone
www.eversheds-sutherland.com
University Attended:
Rutgers College, B.A., cum laude, Phi Beta Kappa
Law School Attended:
Rutgers University Law School, J.D., Phillip J. Levin Scholar
Year of First Admission:
1978
Admission:
1978, New Jersey; 1982, District of Columbia
Birth Information:
New York, New York, May 22, 1954
ISLN:
908946912

Peer Reviews

  • 5.0/5.0
  • High ethical standing icon
  • A Martindale-Hubbell Peer Rating reflects a combination of achieving a Very High General Ethical Standards rating and a Legal Ability numerical rating.

*Peer Reviews provided before April 15, 2008 are not displayed.

Documents (46)

Documents by this lawyer on Martindale.com

Washington, District of Columbia

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