Dechert and Société Générale SEC Modernized Regulatory Framework for Leverage & Derivatives Use by Registered Funds & BDCs Webinar

Join Dechert and Société Générale for a webinar on new SEC Rule 18f-4, which will provide the regulatory framework for the use of derivatives, short sales, reverse repurchase agreements and other transactions creating leverage by registered investment companies, including mutual funds, ETFs and closed-end funds, as well as BDCs.

Some of the major topics that will be discussed in the webinar include:

• Derivatives Transactions: A fund must either meet a “limited derivatives user” exception or: (1) maintain a derivatives risk management program; (2) comply with board oversight and reporting responsibilities; and (3) comply with a limit on fund leverage risk based on value-at-risk (“VaR”).
• Reverse Repurchase Agreements and Similar Financing Transactions.
• Unfunded Commitment Agreements.
• The impact of the new rule on:
  • Closed-end funds and BDCs with outstanding preferred stock.
  • Leveraged/inverse funds and ETFs.
  • Practical implications and implementation efforts.