Regulatory Alerts2020-12-21 | 2020-24781Added · Updated
Use of Derivatives by Registered Investment Companies and Business Development Companies
The Securities and Exchange Commission adopted rule 18f-4 to establish a comprehensive regulatory framework for registered investment companies and business development companies regarding their use of derivatives. The rule requires funds to implement a derivatives risk management program, adhere to a value-at-risk-based leverage limit, and comply with enhanced reporting and recordkeeping obligations. Additionally, the Commission amended rule 6c-11 to allow leveraged and inverse ETFs to operate without individual exemptive orders while rescinding certain prior relief.
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