SEC Proposes Liquidity Management Rules for Mutual Funds and ETFs

September 25, 2015

The SEC proposed a comprehensive package of rule reforms under the Investment Company Act of 1940 (the "Proposals") to require liquidity risk management programs and related disclosures for open-end management investment companies, including mutual funds and exchange-traded funds (ETFs). The Proposals would also permit, though not require, a fund (other than a money market fund and ETF) to engage in "swing pricing" under certain circumstances and would amend a number of investment company regulatory forms.

For more information about the proposal, see Seward & Kissel LLP Memorandum: SEC Proposes Liquidity Management Rules for Mutual Funds and ETFs at http://xlo3.wpengine.com/pubs/xprPubDetail.aspx?xpST=PubDetail&pub=713.


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Investment Advisers, Investment Companies