Today, the Securities and Exchange Commission adopted final rules relating to the use of derivatives by registered investment companies and business development companies.
The use of derivatives by funds has been the subject of consideration for some time now. The current regulatory framework is outdated and depends on an SEC statement from 1979 and various…
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 regulation of funds’ use of derivatives. The notice adds that the amendments the SEC will consider also would…
On Friday, October 9, 2020, the Internal Revenue Service released Revenue Procedure 2020-44 (the “Revenue Procedure”), providing retroactive but limited relief for amending specific types of legacy contracts to add fallback mechanics for the London Interbank Offer Rate or other Interbank Offer Rates. The fallback granted relief by the Revenue Procedure must rather strictly follow…
