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Final Rule

Purchase of Certain Debt Securities by Business and Industrial Development Companies Relying on an Investment Company Act Exemption

Overview

The Securities and Exchange Commission ("Commission') is adopting a new rule under the Investment Company Act of 1940 ("Investment Company Act') to establish a standard of credit- worthiness in place of a statutory reference to credit ratings that the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank Act') removes. The rule will establish the standard of credit quality that must be met by certain debt securities purchased by entities relying on the Investment Company Act exemption for business and industrial development companies.

Prior Actions

Last Reviewed or Updated: April 7, 2023