March 4, 2011
SEC Proposes Rule on References to Credit Ratings in Investment Company Rules
The SEC has posted on its website a proposed rule on REFERENCES TO CREDIT RATINGS IN CERTAIN INVESTMENT COMPANY ACT RULES AND FORMS. According to the SEC release:
The Commission is proposing amendments to two rules and four forms under the Investment Company Act and the Securities Act that contain references to credit ratings. The proposed amendments would give effect to provisions of the Dodd-Frank Act that call for the amendment of Commission regulations that contain credit rating references. In addition, the Commission is proposing a new rule under the Investment Company Act to establish a standard of credit-worthiness in place of a statutory reference to credit ratings in that Act that the Dodd-Frank Act removes.
Comments should be received on or before April 25, 2011.
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