On November 25, 2019, the Securities and Exchange Commission, by a unanimous vote, re-proposed rule 18f-4 under the Investment Company Act of 1940 (the “proposed rule”), and proposed new rule 15l-2 under the Securities Exchange Act of 1934 and new rule 211(h)-1 under the Investment Advisers Act of 1940 (the “proposed sales practices rules”), as well as certain related form amendments. The SEC notes that these proposals are designed to promote the ability of funds to continue to use derivatives in a broad variety of ways that serve investors, while providing an updated and more comprehensive approach to the regulation of funds’ derivatives use. The SEC has requested comments regarding the proposed rule, sales practices rules, and form amendments generally and on numerous specific matters discussed in the proposing release. Comments must be submitted no later than 60 days following the publication of the proposing release in the Federal Register.