SEC Amends Rule 5b-3 and Fund Registration Forms to Eliminate References to NRSRO Ratings

January 10, 2014

The U.S. Securities and Exchange Commission (SEC) recently adopted final amendments to certain rules and forms under the Investment Company Act of 1940 (1940 Act) and the Securities Act of 1933 (1933 Act) to implement a provision of the Dodd-Frank Act — to eliminate credit ratings of “nationally recognized statistical rating organizations” (NRSROs) from SEC rules. To help carry out that Dodd-Frank Act mandate, on December 27, 2013, the SEC adopted amendments to Rule 5b-3 under the 1940 Act (Rule) and Forms N-1A, N-2 and N-3. The amendments are effective 30 days after publication in the Federal Register and the compliance date is 180 days after such publication.

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