Liquidity Risk Programs News Today

SEC Replaces Rather than Revises In late October, the SEC approved a wholesale replacement for the patchwork of interpretive and no-action positions it had developed over more than 40 years to regulate fund use of derivatives. The process of developing these derivative reforms has itself taken many years, including a subsequently withdrawn 2015 rule proposal, and a 2019 rule proposal that the SEC has now adopted with modifications. The nature and approach of these derivative reforms very much e...