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To describe and analyze a proposed rule recently issued by the US Securities and Exchange Commission (“SEC”) that would overhaul the use of derivatives and financial commitment transactions by registered investment companies and business development companies.

This article summarizes the various aspects of the proposed rule, discusses the elements of the proposed rule in greater detail, explains the effect of the proposed rule on existing guidance from the SEC and its staff, and notes the potential transition period for any final rule.

While the proposed rule is subject to public comment and subsequent consideration by the SEC and its staff, if the proposed rule is adopted in its current form it would result in sweeping changes for registered investments companies and business development companies.

This article contains a detailed overview of a recent SEC rule proposal regarding the use of derivatives by registered investment companies and business development companies and practical guidance from experienced asset management lawyers.

The librarian and researcher have to be able to uncover specific articles in their areas of interest. This Bibliography is designed to help. Volume IV, like Volume III, contains features to help the reader to retrieve relevant literature from MCB University Press' considerable output. Each entry within has been indexed according to author(s) and the Fifth Edition of the SCIMP/SCAMP Thesaurus. The latter thus provides a full subject index to facilitate rapid retrieval. Each article or book is assigned its own unique number and this is used in both the subject and author index. This Volume indexes 29 journals indicating the depth, coverage and expansion of MCB's portfolio.

THE recruitment, training and payment of librarians are matters of import, not only to the youngest entrant into this work, but also to established librarians and to the public. Although training was initiated forty years ago by the then chief librarians of libraries, it has in recent years become a very intimate concern of library assistants and of parents and others in charge of young folk who are considering librarianship as their possible career. After thirty years of experiment, with minor changes, the Library Association syllabus has now been completely remodelled. We have also reached a stage when we can consider to some extent, although not adequately, the effect upon the profession of our whole‐time library school of university rank. The various phases of the work must therefore be of great interest to every reader of The Library World; and this is sufficient justification for the special attention which the subject receives in this number. The first question must always be the economic and human one. Is the profession sufficiently large, and of enough importance, to justify parents in allowing lads or girls, who have gone through a secondary or even university training, to devote themselves to the somewhat protracted study which is prescribed for the work? Then, again, is the training now placed before the would‐be aspirant to library work a wise training? Is it too special, too technical, too scholarly; indeed, is the library authority, whoever and wherever it may be, asking too much for what most people regard as the very simple work of managing and distributing and exploiting books?

The following classified, annotated list of titles is intended to provide reference librarians with a current checklist of new reference books, and is designed to supplement the RSR review column, “Recent Reference Books,” by Frances Neel Cheney. “Reference Books in Print” includes all additional books received prior to the inclusion deadline established for this issue. Appearance in this column does not preclude a later review in RSR. Publishers are urged to send a copy of all new reference books directly to RSR as soon as published, for immediate listing in “Reference Books in Print.” Reference books with imprints older than two years will not be included (with the exception of current reprints or older books newly acquired for distribution by another publisher). The column shall also occasionally include library science or other library related publications of other than a reference character.