On November 19th, the SEC adopted a new rule under the Investment Company Act of 1940 that establishes a credit quality standard in place of a credit rating reference in that Act, as required by the Dodd-Frank Act. New rule 6a-5 establishes a credit quality standard for debt securities issued by investment companies and private funds that business and industrial development companies relying on an exemption from regulation under section 6(a)(5) of the Investment Company Act may purchase. The rule is effective December 24, 2012.