SEC Adopts New Rules and Rule Amendments Pertaining to Liquidity Management, Swing Pricing and Reporting Modernization

October 13, 2016

Earlier today, the U.S. Securities and Exchange Commission (SEC) unanimously adopted a new rule and amendments to certain rules and forms that will require registered open-end investment companies, including mutual funds and exchange-traded funds (ETFs), to establish liquidity risk management programs. In addition, the SEC adopted, by a 2-to-1 vote, (1) new rules and forms, as well as amendments to certain rules and forms, to modernize the reporting of information by registered investment companies; and (2) rule and form amendments that will permit registered open-end investment companies to use “swing pricing” under certain circumstances.

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