Investments in Derivatives by U.S. and European Mutual Funds

June 08, 2011

U.S. regulation of mutual fund derivative activities is based on older SEC guidance not originally designed for derivatives. In Europe it is based on EU law specifically addressed to UCITS derivative investments, and is newer and more comprehensive. The authors discuss and contrast the two regimes with regard to a variety of issues, including limits on leverage, issuer diversification, and counterparty exposure limitations.

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