News & Analysis as of

Investment Funds Derivatives

Seward & Kissel LLP

SEC Adopts Amendments to the Fund “Names Rule” - November 2023

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The Securities and Exchange Commission (the “SEC”) recently adopted amendments1 to Rule 35d-1 under the Investment Company Act of 1940, the fund “Names Rule” (“Amendments”). In the Release, the SEC noted that the Amendments...more

Goodwin

SEC Adopts Rule Enhancements to Prevent Misleading or Deceptive Investment Fund Names

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On September 20, 2023, the US Securities and Exchange Commission (the “SEC”) voted, by a 4-1 vote, to adopt certain amendments (the “final rule” or the “amendments”) to Rule 35d-1 (the “Names Rule”) under the Investment...more

Morgan Lewis

1940 Act Regulatory Checklists

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Rule 12d1-4 under the Investment Company Act of 1940 permits funds to enter into “funds of funds” arrangements notwithstanding the prohibitions of Section 12(d)(1) of the Act of 1940, provided that certain conditions are met....more

Goodwin

SEC Adopts New Regulatory Framework For Registered Fund Derivative Investments

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On October 28, the Securities and Exchange Commission (the “SEC”) adopted Rule 18f-4 (the “Rule”) under the Investment Company Act of 1940 (the “1940 Act”) and amended related rules designed to provide a modernized,...more

Dechert LLP

Analysis of the SEC’s Final Rulemaking to Regulate the Use of Derivatives and Other Transactions by Registered Investment...

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The U.S. Securities and Exchange Commission on October 28, 2020 approved by a 3-2 vote a new rule and rule and form amendments related to the use of derivatives and certain other transactions by registered investment...more

Eversheds Sutherland (US) LLP

What are DRMs and do you need one? SEC adopts framework for derivatives use by registered funds and BDCs

On October 28, 2020, the U.S. Securities and Exchange Commission (the SEC) voted 3-2 to adopt Rule 18f-4 (the Final Rule) under the Investment Company Act of 1940 (the 1940 Act), which establishes a comprehensive framework...more

Goodwin

SEC Adopts Broad Exempt Offering Reforms

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In the News. The Securities and Exchange Commission (SEC) adopted broad exempt offering reforms; the Department of Labor (DOL) finalized a rule, with significant revisions from the original proposal, on ESG investments; the...more

Morgan Lewis

New SEC Rule Will Regulate Registered Fund Investments in Derivatives

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On October 28, 2020, the US Securities and Exchange Commission (SEC) voted 3–2 to adopt Rule 18f-4 (the Rule) under the Investment Company Act of 1940 (the Investment Company Act), which will replace decades-old SEC and staff...more

K&L Gates LLP

Know Your Limits: The CFTC Adopts Position Limits for Derivatives Related to Energy, Agriculture, and Metals Products

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INTRODUCTION - The Commodity Futures Trading Commission (CFTC) recently voted 3–2, along party lines, to approve a final rule (Final Rule) regarding position limits for certain futures contracts and economically equivalent...more

Mayer Brown Free Writings + Perspectives

SEC Open Meeting to Consider Fund Use of Derivatives

The Securities and Exchange Commission announced an open meeting will be held on October 28, 2020 during which the SEC will consider whether to adopt rules and related amendments designed to provide an updated approach to the...more

K&L Gates LLP

The CFTC's Enforcement Division Again Puts Market Participants on Notice About Its Expectations Concerning Compliance Programs

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Continuing to press the message that implementing and enforcing an effective compliance program is a business imperative, not an optional “best practice,” on 10 September 2020, the Commodity Futures Trading Commission (CFTC)...more

Vedder Price

SEC Proposes New Rule Governing Funds' Use of Derivatives

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On November 25, 2019, the SEC proposed a new exemptive rule under the Investment Company Act of 1940—Rule 18f-4—intended to overhaul the current regulatory framework governing the use of derivatives by registered investment...more

Vedder Price

SEC Re-Proposes New Rule Governing Funds’ Use of Derivatives

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On November 25, 2019, the U.S. Securities and Exchange Commission (the “SEC” or the “Commission”) re-proposed a new exemptive rule under the Investment Company Act of 1940, as amended (the “1940 Act”)—Rule 18f-4 (the...more

Dechert LLP

Analysis of SEC’s Proposal to Update the Regulation of Funds’ Use of Derivatives and Other Transactions

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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...more

Kramer Levin Naftalis & Frankel LLP

SEC proposes simplification of derivatives rules for closed-end, other funds

The SEC voted to propose a rule designed to enhance the regulation of the use of derivatives by registered investment companies, including closed-end funds, as well as mutual funds, ETFs and business development companies....more

BCLP

SEC Proposes to Modernize Derivative Regulations for Investment Funds

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On November 25, 2019, the Securities and Exchange Commission voted to propose a new rule regarding the regulation of the use of derivatives by registered investment companies, including mutual funds, exchange-traded funds...more

Dechert LLP

Financial Services Quarterly Report - Second Quarter 2019: Online Platform Guidelines with Respect to Distribution of Financial...

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The Guidelines on Online Distribution and Advisory Platforms (Guidelines) issued by the Hong Kong Securities and Futures Commission (SFC) will become effective on 6 July 2019. With the recent expansion of various online...more

Dechert LLP

EMIR ALERT: EMIR REFIT – 19 days to go…

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On Tuesday 28 May 2019, the EMIR Refit Regulation (the "EMIR Refit") was published in the Official Journal. Relevant entities now have only 19 days to prepare for some of the key changes, ahead of the go live date of Monday...more

Dechert LLP

Financial Services Quarterly Report - First Quarter 2019: Distribution in Hong Kong and the Revised UT Code

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After a year of consultation with the mutual funds industry regarding changes that aim to modernise the regulatory regime for SFC-authorised funds, the Hong Kong Securities and Futures Commission (SFC) revised the Code on...more

Dechert LLP

Investment Funds Update – Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

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FSMA Communication on new procedure for electronic filing of documents - The Financial Services and Markets Authority ("FSMA") published Communication FSMA_2019_08 (in French and Dutch) on 21 March 2019 regarding the new...more

Dechert LLP

IRS Releases Final Tax Regulations on Imputed Income from Subsidiaries and Other Controlled Foreign Corporations

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On March 18, 2019, the U.S. Department of the Treasury and the Internal Revenue Service issued final tax regulations for registered investment funds that are taxed as regulated investment companies (“RICs”) and that invest in...more

Dechert LLP

Investment Funds Update – Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

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FCA issues further guidance on Brexit preparations - The FCA has published a series of guidance to assist regulated firms in finalizing their preparations for Brexit, particularly in the event of a no-deal scenario when EU...more

Dechert LLP

Investment Funds Update – Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

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MiFID II – updated Q&As on MiFID II and MiFIR transparency topics and obligations on disclosure of information to clients in the context of Brexit - ESMA updated its Q&As on 4 January on MiFID II and MiFIR transparency...more

Dechert LLP

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

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AIFMD – updated ESMA Q&A - ESMA published updated Q&As on the application of the AIFMD on October 4. ESMA has added a new Q&A clarifying the application of the AIFMD notification requirements with regard to AIFMs managing...more

A&O Shearman

Financial Regulatory Developments Focus - November 2018 #2

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In this week's newsletter, we provide a snapshot of the principal U.S., European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

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