At an SEC Fixed Income Market Structure Advisory Committee meeting, SEC Chair Jay Clayton and Commissioners Elad L. Roisman and Hester M. Peirce addressed issuers concerning rating agencies, bond pricing, trade transparency and internal fund crosses.
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 SEC Division of Corporation Finance Office of Mergers and Acquisitions granted no-action relief to an open-end investment company - consisting of five actively managed exchange-traded funds - from requirements under SEA Rule 14e-5, subject to certain conditions.
SEC Division of Investment Management Director Dalia Blass requested industry engagement on (i) fund innovation, (ii) the SEC's derivatives proposal, (iii) affiliated securities lending and (iv) the fund disclosure regime.