Bill Gross's bond fund at Janus Capital Group Inc. could be impacted by proposed limits on the use of leverage by mutual funds, according to the head of the Denver-based money management firm.

Gross's fund "could potentially see some change in investment behavior depending on how those final rules and regulations turn out," Richard Weil, Janus's chief executive officer, said today on a conference call. "We'll keep an eye on it, but it's not a huge focus for us at this moment."

Some mutual funds would have to curb their use of derivatives or build larger cash buffers under rules proposed by the U.S. Securities and Exchange Commission last month. The SEC is giving the public 90 days to comment on the plan, which represents the agency's first attempt to write a comprehensive set of rules governing the use of derivatives by mutual and exchange-traded funds.