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SEC RIN: 3235-AL03 Publication ID: Spring 2011 
Title: ●Amendments to Rule 3a-7 Under the Investment Company Act 
Abstract: The Dodd-Frank Act requires the Commission to review any references or requirements regarding credit ratings in its regulations and substitute other appropriate standards of credit-worthiness by July 21, 2011. The Division is considering recommending that the Commission propose amendments to Rule 3a-7, the rule that excludes certain asset-backed securities issuers from the definition of investment company, subject to various conditions. These proposals would eliminate references to credit ratings in the rule and replace them with conditions designed to address investor protection concerns. They would also propose deeming an issuer relying on the rule to be an investment company for the limited purposes of: 1) Determining whether a holder of the issuer's securities meets the definition of investment company under the Investment Company Act, and 2) precluding a Rule 3a-7 issuer from being treated as an eligible portfolio company by any business development company that wishes to invest in the securities of the issuer. 
Agency: Securities and Exchange Commission(SEC)  Priority: Substantive, Nonsignificant 
RIN Status: First time published in the Unified Agenda Agenda Stage of Rulemaking: Proposed Rule Stage 
Major: Undetermined  Unfunded Mandates: No 
CFR Citation: Not Yet Determined     (To search for a specific CFR, visit the Code of Federal Regulations.)
Legal Authority: Not Yet Determined   
Legal Deadline:
Action Source Description Date
Final  Statutory  Dodd-Frank Act requires final rules within one year of enactment.  07/21/2011 
Timetable:
Action Date FR Cite
NPRM  06/00/2011    
Regulatory Flexibility Analysis Required: Undetermined  Government Levels Affected: Undetermined 
Federalism: Undetermined 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Related RINs: Related to 3235-AK19 
Agency Contact:
Rochelle Kauffman Plesset
Division of Investment Management
Securities and Exchange Commission
100 F Street NE,
Washington, DC 20549
Phone:202 551-6840
Email: plessetr@sec.gov