Securities and Exchange Commission October 31, 2006 – Federal Register Recent Federal Regulation Documents

The Commission is reproposing for comment an additional definition of the term ``eligible portfolio company'' under the Investment Company Act of 1940 (``Investment Company Act'' or ``Act''). The reproposed rule is intended to more closely align the definition of eligible portfolio company, and the investment activities of business development companies (``BDCs''), with the purpose that Congress intended. The reproposed rule would expand the definition of eligible portfolio company to include certain companies that list their securities on a national securities exchange (``Exchange'').

The Commission is adopting two new rules under the Investment Company Act of 1940 (``Investment Company Act'' or ``Act''). The new rules more closely align the definition of eligible portfolio company, and the investment activities of business development companies (``BDCs''), with the purpose that Congress intended. The rules expand the definition of eligible portfolio company in a manner that promotes the flow of capital to certain small, developing and financially troubled companies.

In accordance with the requirements of the Privacy Act of 1974, as amended, 5 U.S.C. 552a, the Securities and Exchange Commission gives notice of a proposed Privacy Act system of records: ``Photographic Files (SEC-54).'' This system of records will contain a collection of photographic materials, in print and electronic format, related to Commission staff and events.