The staff of the SEC Division of Investment Management withdrew 2010 guidance which reviewed the permissibility of an SEC-registered, closed-end fund determining to opt in to a control share acquisition statute authorized under state law.
The Managed Funds Association and the Alternative Investment Management Association recommended modifications to the SEC's proposal on the use of derivatives by registered investment companies and business development companies.
The Investment Company Institute offered recommendations on the SEC's "re-proposed" rule to provide a comprehensive approach to the regulation of funds’ use of derivatives and other senior securities transactions.
The Federal Reserve Board amended the capital plan rule to limit the scope of potential objections to a firm's capital plan on the basis of "qualitative deficiencies in the firm's capital planning process."
Federal Reserve Board Governor Jerome Powell lauded the progress made by the U.S. financial system since the financial crisis and identified five areas that could benefit from additional regulatory reform.
The SEC approved a proposed rule change that will permit the listing and trading of the first quadruple-leveraged exchange-traded funds ("ETFs"). Prior to this approval, the highest-leveraged ETFs offered three times leveraged (or inverse leveraged) exposure to their benchmarks.