The U.S. Securities and Exchange Commission on November 25, 2019 unanimously approved for publication a three-part rule proposal related to the use of derivatives and certain other transactions by registered investment companies (i.e., open-end funds other than money market funds; closed-end funds; and exchange-traded funds) and business development companies (collectively, funds). The proposal includes: (1) new Rule 18f-4 under the Investment Company Act of 1940 (Proposed Rule); (2) new rules relating to leveraged/inverse funds and vehicles, including sales practices rules under the Securities Exchange Act of 1934 and the Investment Advisers Act of 1940 and a related amendment to Rule 6c-11 under the 1940 Act; and (3) related fund reporting form amendments and recordkeeping requirements.