Title

SEC Re-Proposes Rule on Derivatives Use by Registered Funds
Client Alert

Created date

11/27/2019

In a November 25, 2019 release, the SEC proposed a substantially revised version of proposed new Rule 18f-4 under the Investment Company Act of 1940, which was originally proposed on December 11, 2015.  According to the proposing release, proposed Rule 18f-4 would apply to registered investment companies (other than money market funds and UITs) and business development companies, and is designed to promote the ability of registered funds to use derivatives in a broad variety of ways that serve investors, while still addressing the investor protection concerns underlying Section 18 of the Investment Company Act. 

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