United States Government Publishing Office publisher pbl distributor dst United States National Archives and Records Administration Office of the Federal Register author aut Government Organization text government publication eng FR Regulatory Information 2011_register executive 2011-09-07 article Rules and Regulations D09002ee1c7ff5a45 D09002ee1c7ff5ae9 United States Securities and Exchange Commission originator org United States Government Agency or Subagency The Securities and Exchange Commission (the "Commission") and its staff are reviewing the use of derivatives by management investment companies registered under the Investment Company Act of 1940 (the "Investment Company Act" or "Act") and companies that have elected to be treated as business development companies ("BDCs") under the Act (collectively, "funds"). To assist in this review, the Commission is issuing this concept release and request for comments on a wide range of issues relevant to the use of derivatives by funds, including the potential implications for fund leverage, diversification, exposure to certain securities-related issuers, portfolio concentration, valuation, and related matters. In addition to the specific issues highlighted for comment, the Commission invites members of the public to address any other matters that they believe are relevant to the use of derivatives by funds. The Commission intends to consider the comments to help determine whether regulatory initiatives or guidance are needed to improve the current regulatory regime for funds and, if so, the nature of any such initiatives or guidance. 76 FR 55237 https://www.govinfo.gov/app/details/FR-2011-09-07/2011-22724 2011-22724 fr07se11-8 RIN 3235-AL22 8011-01-P Release No. IC-29776 File No. S7-33-11 https://www.govinfo.gov/app/details/FR-2011-09-07/2011-22724 https://www.govinfo.gov/content/pkg/FR-2011-09-07/html/2011-22724.htm https://www.govinfo.gov/content/pkg/FR-2011-09-07/pdf/2011-22724.pdf 19 p. 55237 55255 76 FR 55237 Title 17 Part 271 17 CFR Part 271 RIN 3235-AL22 Use of Derivatives by Investment Companies Under the Investment Company Act of 1940; Federal Register Vol. 76, Issue RULE 2011-22724 SECURITIES AND EXCHANGE COMMISSION 2011-11-07 Release No. IC-29776 File No. S7-33-11 8011-01-P 2011-22724 Concept release; request for comments.

The Securities and Exchange Commission (the "Commission") and its staff are reviewing the use of derivatives by management investment companies registered under the Investment Company Act of 1940 (the "Investment Company Act" or "Act") and companies that have elected to be treated as business development companies ("BDCs") under the Act (collectively, "funds"). To assist in this review, the Commission is issuing this concept release and request for comments on a wide range of issues relevant to the use of derivatives by funds, including the potential implications for fund leverage, diversification, exposure to certain securities-related issuers, portfolio concentration, valuation, and related matters. In addition to the specific issues highlighted for comment, the Commission invites members of the public to address any other matters that they believe are relevant to the use of derivatives by funds. The Commission intends to consider the comments to help determine whether regulatory initiatives or guidance are needed to improve the current regulatory regime for funds and, if so, the nature of any such initiatives or guidance.

Comments should be received on or before November 7, 2011. Edward J. Rubenstein, Senior Special Counsel, or Michael S. Didiuk, Senior Counsel, at (202) 551-6825, Office of Chief Counsel, Division of Investment Management, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549-5030. Use of Derivatives by Investment Companies under Investment Company Act of 1940 , rule-comments@sec.gov http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2009:302:0032:0096:en:PDF http://meetings.abanet.org/webupload/commupload/CL410061/sitesofinterest_files/DerivativesTF_July_6_2010_final.pdf http://www.bcsc.bc.ca/uploadedFiles/securitieslaw/policy8/81-102%20Mutual%20Funds%20%5BNI%5D%20Jan-1-11.pdf http://www.bis.org/statistics/intfinstatsguide.pdf http://www.centralbank.ie/regulation/industry-sectors/funds/non-ucits/Documents/Non%20UCITS%20Notices.pdf http://www.cftc.gov/ConsumerProtection/EducationCenter/CFTCGlossary/index.htm http://www.cmegroup.com/education/glossary.html http://www.esma.europa.eu/popup2.php?id=7000 http://www.esma.europa.eu/popup2.php?id=7542 http://www.fdic.gov/bank/analytical/cfr/2011/wp2011/CFR_WP_2011_01.pdf http://www.ici.org/pdf/25107.pdf http://www.ici.org/pdf/ppr_08_derivatives.pdf http://www.interactivedata.com/uploads/BoardIQ1207.pdf http://www.investorwords.com/5930/notional-value.htm http://www.isda.org/educat/faqs.html#7 http://www.jpmorgan.com/cm/BlobServer?blobcol=urldata&blobtable=MungoBlobs&blobkey=id&blobwhere=1158494213964&blobheader=application%2Fpdf&blobnocache=true&blobheadername1=Content http://www.mas.gov.sg/resource/legislation_guidelines/securities_futures/sub_legislation/110408%20Revised%20Code_8%20April_final.pdf http://www.regulations.gov http://www.sec.gov/about/laws/wallstreetreform-cpa.pdf http://www.sec.gov/divisions/investment/guidance/ici073010.pdf http://www.sec.gov/divisions/investment/seniorsecurities-bibliography.htm http://www.sec.gov/news/press/2010/2010-45.htm http://www.sec.gov/news/press/2011/2011-137.htm http://www.sec.gov/news/studies/deriv.txt http://www.sec.gov/news/testimony/2011/ts072111mls.htm http://www.sec.gov/rules/concept.shtml http://www.sec.gov/rules/exorders/2011/34-64678.pdf http://www.sec.gov/rules/final/1990/33-6862.pdf http://www.sec.gov/rules/final/ia-2204.pdf http://www.sec.gov/rules/interp/1969/ic-5847.pdf http://www.sec.gov/rules/interp/1970/ic-6295.pdf http://www.sec.gov/rules/interp/1977/ic-9786.pdf http://www.sec.gov/rules/other/1992/33-6927.pdf http://www.sec.gov/rules/other/2011/34-64926.pdf http://www.sec.gov/rules/proposed/2011/33-9204.pdf http://www.sec.gov/rules/proposed/2011/33-9222.pdf http://www.sec.gov/spotlight/dodd-frank/accomplishments.shtml#derivatives http://www.sec.gov/spotlight/dodd-frank/derivatives.shtml http://www.sec.gov/spotlight/dodd-frank/dfactivity-upcoming.shtml#01-06-12 http://www.sec.gov/spotlight/dodd-frank/dfactivity-upcoming.shtml#07-12-12 http://www.sec.gov/spotlight/dodd-frank/dfactivity-upcoming.shtml#08-12-11 http://www.sfc.hk/sfc/doc/EN/intermediaries/products/handBooks/Eng_UT.pdf Vol. 76, no. 173 Office of the Federal Register, National Archives and Records Administration 2011-09-07 continuing daily deposited born digital 352 p. Table of Contents: AE 2.7: GS 4.107: AE 2.106: KF70.A2 https://www.govinfo.gov/app/details/FR-2011-09-07 P0b002ee180df8071 0097-6326 0042-1219 0364-1406 769-004-00000-9 000582072 f:fr07se11 https://www.govinfo.gov/app/details/FR-2011-09-07 https://www.govinfo.gov/content/pkg/FR-2011-09-07/pdf/FR-2011-09-07.pdf https://www.govinfo.gov/content/pkg/FR-2011-09-07/xml/FR-2011-09-07.xml fdlp 55209 55552 DGPO 2011-09-07 2024-06-04 FR-2011-09-07 machine generated eng FR FR-2011-09-07 76 173