By Stephen A. Keen and Andrew P. Cross

In this post, we continue our exploration of the definition of “derivatives transaction” in new Rule 18f-4, which is relevant to business development companies, closed-end funds and open-end funds other than a money market fund (“Funds”). Our last post discussed examples of derivatives that fall

By Stephen A. Keen & Andrew P. Cross

In this, the twelfth installment of our review of the compliance requirements of new Rule 18f‑4, we leave the peripheral transactions addressed in the rule (i.e., delayed-delivery transactionsreverse repurchase agreements, and unfunded commitment agreements) and plunge into the core of the rule: “derivatives

By Stephen A. Keen & Andrew P. Cross

This eleventh installment of our review of the compliance requirements of new Rule 18f‑4 as it applies to business development companies, closed-end funds and open-end funds other than money market funds (“Funds”) completes our discussion of unfunded commitment agreements. Here we consider what changes may be required

By Stephen A. Keen and Andrew P. Cross

Subject to Steve’s caveat regarding the definition of an “unfunded commitment agreement,” we continue our exploration of Rule 18f-4 with a focus on the treatment of such commitments under paragraph (e) of the new rule. Like paragraph (d), (e) applies only to business development companies, closed-end funds

By Stephen A. Keen & Andrew P. Cross

This is the sixth installment of our discussion of the compliance requirements of new Rule 18f‑4 and wraps up our discussion of paragraph (d) of the new rule and its application to business development companies (“BDCs”), closed-end funds and open-end funds other than money market

By Stephen A. Keen and Andrew P. Cross

This post is the third installment of our discussion of the compliance requirements of new Rule 18f‑4. From this point forward, we will be dealing with exemptions that apply only to business development companies (“BDCs”), closed-end funds and open-end funds other than money market funds

By Stephen A. Keen and Andrew P Cross

This post is the second installment of our discussion of the compliance requirements of new Rule 18f-4.

The comments on proposed Rule 18f-4 revealed a significant lacuna in the rule resulting from two unrelated changes to current regulations. First, the SEC will rescind Investment Company Act Release

Originally published at The Asset Management ADVocate, and available here.

Good day.  Good that January is almost over (recognizing that our friends and readers in Australia and other Southern Hemisphere locales are enjoying the blissful days of early to mid-summer – enjoy it for us “up here”).  DR2