X

SEC Re-Proposes to Remove Certain References to Credit Ratings and Amend Issuer Diversification Provisions

The SEC's proposed amendments from March 2011, regarding credit rating references involving money markets in Investment Company Act ("ICA") Rule 2a-7 ("Money Market Funds") and Form N-MFP, were re-proposed and published in the Federal Register.

In addition to removing references to credit ratings, the SEC proposal amends the issuer diversification provisions in ICA Rule 2a-7 to eliminate an exclusion that is currently available for securities subject to a guarantee issued by a noncontrolled person.

Comments must be submitted by October 14, 2014.

See: 79 FR 47986.Related news: IOSCO Publishes Consultation Report on Good Practices for Reducing Reliance by Investment Advisers on Credit Rating Agencies (June 5, 2014).

Tags

Regulated Activities
Regulatory Reporting
Sub-Activity
Periodic and Special Disclosures
Regulated Entities
Adviser / CTA / CPO Investment Funds (SEC Registered) Other Financial Firms
Sub-Entity
Money Market Funds, Rating Agencies
Body of Law
Securities Law
Jurisdiction
US - Federal
Organization
SEC