Navigating the Recent SEC Rulemakings: New Rule 18f-4: Registered Funds’ and BDCs’ Use of Derivatives, Part 1 and Part 2

 
March 15, 2021

These webinars covered the following:

The SEC recently adopted Rule 18f-4, which provides a new regulatory framework under Section 18 of the Investment Company Act of 1940 for addressing leverage and other risks related to registered funds’ and BDCs’ use of derivatives and certain other transactions that may create leverage. In this two-part webinar, speakers discussed key issues for funds and BDCs in implementing Rule 18f-4.
 

Tuesday, March 23, 2021           

Topics covered in Part 1:

  • Overview of regulatory framework.
  • Developing a derivatives risk management program.
  • Developing derivatives risk management policies and procedures for limited derivatives users.
  • Board considerations.

    To listen to the recording, click here »

 

Thursday, March 25, 2021         

Topics covered in Part 2:

  • Compliance with the limit on fund leverage risk, including selecting a designated reference portfolio and VaR testing.
  • Compliance with the limit on derivatives exposure for limited derivatives users.
  • Implications of treating reverse repurchase agreements and non-standard settlement cycle securities transactions as derivatives transactions.

    To listen to the recording, click here »

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