Investment Management Regulatory Update
A Summary of Current Investment Management Regulatory Developments

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On October 25, 2006, the SEC adopted Rule 2a-46 and Rule 55a-1 (the “New Rules”) under the Investment Company Act of 1940 (the “40 Act”) to expand the definition of “eligible portfolio company” and thus give business development companies (“BDCs”) greater flexibility in making investments. The New Rules take effect on November 30, 2006.