Securities and Exchange Commission September 7, 2011 – Federal Register Recent Federal Regulation Documents

Sunshine Act Meeting
Document Number: 2011-22901
Type: Notice
Date: 2011-09-07
Agency: Securities and Exchange Commission, Agencies and Commissions
Treatment of Asset-Backed Issuers Under the Investment Company Act
Document Number: 2011-22772
Type: Proposed Rule
Date: 2011-09-07
Agency: Securities and Exchange Commission, Agencies and Commissions
The Commission is considering proposing amendments to Rule 3a- 7 under the Investment Company Act of 1940 (``Investment Company Act'' or ``Act''), the rule that provides certain asset-backed issuers with a conditional exclusion from the definition of investment company. Amendments to Rule 3a-7 that the Commission may consider could reflect market developments since 1992, when Rule 3a-7 was adopted, and recent developments affecting asset-backed issuers, including the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act'') and the Commission's recent rulemakings regarding the asset-backed securities markets. The Commission is withdrawing its 2008 proposal to amend Rule 3a-7, which was published July 11, 2008.
Companies Engaged in the Business of Acquiring Mortgages and Mortgage-Related Instruments
Document Number: 2011-22771
Type: Proposed Rule
Date: 2011-09-07
Agency: Securities and Exchange Commission, Agencies and Commissions
The Securities and Exchange Commission (``Commission'') and its staff (``Commission staff'' or ``staff'') are reviewing interpretive issues under the Investment Company Act of 1940 (``Investment Company Act'' or ``Act'') relating to the status under the Act of companies that are engaged in the business of acquiring mortgages and mortgage-related instruments and that rely on the exclusion from the definition of investment company in Section 3(c)(5)(C) of the Act (together, ``mortgage-related pools''). This review is focusing, among others, on certain real estate investment trusts (``REITs''). To help facilitate this review, the Commission requests information about these companies and how Section 3(c)(5)(C) of the Act is interpreted by, and affects investors in, these companies. The Commission solicits commenters' views about the application of the Investment Company Act to mortgage-related pools, including suggestions on the steps that the Commission should take to provide greater clarity, consistency or regulatory certainty with respect to Section 3(c)(5)(C).
Horizon Technology Finance Corporation, et al.; Notice of Application
Document Number: 2011-22770
Type: Notice
Date: 2011-09-07
Agency: Securities and Exchange Commission, Agencies and Commissions
Use of Derivatives by Investment Companies Under the Investment Company Act of 1940
Document Number: 2011-22724
Type: Rule
Date: 2011-09-07
Agency: Securities and Exchange Commission, Agencies and Commissions
The Securities and Exchange Commission (the ``Commission'') and its staff are reviewing the use of derivatives by management investment companies registered under the Investment Company Act of 1940 (the ``Investment Company Act'' or ``Act'') and companies that have elected to be treated as business development companies (``BDCs'') under the Act (collectively, ``funds''). To assist in this review, the Commission is issuing this concept release and request for comments on a wide range of issues relevant to the use of derivatives by funds, including the potential implications for fund leverage, diversification, exposure to certain securities-related issuers, portfolio concentration, valuation, and related matters. In addition to the specific issues highlighted for comment, the Commission invites members of the public to address any other matters that they believe are relevant to the use of derivatives by funds. The Commission intends to consider the comments to help determine whether regulatory initiatives or guidance are needed to improve the current regulatory regime for funds and, if so, the nature of any such initiatives or guidance.