Regulatory Alerts2011-09-07 | 2011-22772Added
Treatment of Asset-Backed Issuers Under the Investment Company Act
The Securities and Exchange Commission is withdrawing its 2008 proposal to amend Rule 3a-7 under the Investment Company Act of 1940, which provides conditional exclusions from the investment company definition for certain asset-backed issuers. The Commission is issuing an advance notice of proposed rulemaking to consider potential amendments to Rule 3a-7 in light of the Dodd-Frank Act and recent market developments, particularly regarding the role of credit ratings. The agency is soliciting public comment on revising rating requirements, addressing investor protection concerns, and determining the Investment Company Act status of holders of asset-backed securities.
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