On August 31st, the SEC issued a concept release advising that it is considering proposing amendments to Rule 3a-7 under the Investment Company Act of 1940, 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 Act and the SEC's recent rulemakings regarding the asset-backed securities markets. The SEC is withdrawing its 2008 proposal to amend Rule 3a-7, which was published at 73 FR 40124 (July 11, 2008). Comments should be submitted on or before November 7, 2011. SEC Release No. IC-29779; SEC Press Release.