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Wednesday, August 31, 2011

SEC Solicits Public Input on Mutual Funds' Use of Derivatives

Reported by Armie Margaret Lee

Mutual fund industry players have an opportunity to share their thoughts with the SEC on mutual funds' use of derivatives.

The commission today unanimously voted to solicit public input on a broad range of issues stemming from the use of derivatives by mutual funds and other investment companies regulated under the Investment Company Act. The comments will help the SEC figure out whether regulatory initiatives or guidance is needed "that would continue to protect investors and fulfill the purposes underlying the Investment Company Act," according to a press release issued by the SEC.

"The derivatives markets have undergone significant changes in recent years, and the Commission is taking this opportunity to seek public comment and ensure that our regulatory approach and interpretations under the Investment Company Act remain current, relevant, and consistent with investor protection," said SEC Chairman Mary Schapiro in the release.
Company Press Release

SEC SEEKS PUBLIC COMMENT ON USE OF DERIVATIVES BY MUTUAL FUNDS AND OTHER INVESTMENT COMPANIES

Washington, D.C., Aug. 31, 2011 The Securities and Exchange Commission today voted unanimously to seek public comment on a wide range of issues raised by the use of derivatives by mutual funds and other investment companies regulated under the Investment Company Act.

The SEC is seeking public input through a concept release, which is a Commission-approved document that poses an idea or ideas to the public to get their views. The Commission will use the comments received in response to this concept release to help determine whether regulatory initiatives or guidance is needed that would continue to protect investors and fulfill the purposes underlying the Investment Company Act.

"The derivatives markets have undergone significant changes in recent years, and the Commission is taking this opportunity to seek public comment and ensure that our regulatory approach and interpretations under the Investment Company Act remain current, relevant, and consistent with investor protection," said SEC Chairman Mary L. Schapiro.

The concept release is a continuation of the SEC's ongoing review of mutual funds' use of derivatives announced last year. The concept release requests public input on the issues that the SEC staff has been examining for potential ways to improve the regulation of mutual funds' use of derivatives.

Public comments should be received within 60 days from the date of publication in the Federal Register.
 

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