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SEC | RIN: 3235-AM98 | Publication ID: Fall 2023 |
Title: Open-End Fund Liquidity Risk Management Programs and Swing Pricing; Form N–PORT Reporting | |
Abstract:
The Division is considering recommending that the Commission adopt changes to regulatory requirements relating to open-end fund’s liquidity and dilution management. The Commission proposed amendments to its current rules for open-end management investment companies ("open-end funds") regarding liquidity risk management programs and swing pricing. The proposed amendments are designed to improve liquidity risk management programs to better prepare funds for stressed conditions and improve transparency in liquidity classifications. The amendments are also designed to mitigate dilution of shareholders’ interests in a fund by requiring any open-end fund, other than a money market fund or exchange-traded fund, to use swing pricing to adjust a fund’s net asset value ("NAV") per share to pass on costs stemming from shareholder purchase or redemption activity to the shareholders engaged in that activity. In addition, to help operationalize the proposed swing pricing requirement, and to improve order processing more generally, the Commission proposed a "hard close" requirement for these funds. Finally, the Commission proposed amendments to reporting and disclosure requirements on Forms N-PORT, N-1A, and N-CEN that apply to certain registered investment companies, including registered open-end funds (other than money market funds), registered closed-end funds, and unit investment trusts. The proposed amendments would require more frequent reporting of monthly portfolio holdings and related information to the Commission and the public, amend certain reported identifiers, and make other amendments to require additional information about funds’ liquidity risk management and use of swing pricing. |
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Agency: Securities and Exchange Commission(SEC) | Priority: Substantive, Nonsignificant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Final Rule Stage |
Major: Undetermined | Unfunded Mandates: No |
CFR Citation: 17 CFR 270.22c-1 17 CFR 270.22e-4 17 CFR 270.30b1-9 17 CFR 270.31a-2 17 CFR 274.150 17 CFR 274.101 17 CFR 239.15A 17 CFR 274.11A | |
Legal Authority: 15 U.S.C. 80a-22(c) 15 U.S.C. 80a-37(a) 15 U.S.C. 80a-31(a) 15 U.S.C. 80a-35b 15 U.S.C. 80a-6 15 U.S.C. 80a-8 15 U.S.C. 80a-22 15 U.S.C. 80a-24 15 U.S.C. 80a-29 15 U.S.C. 80a-30 15 U.S.C. 80a-33 15 U.S.C. 80a-37 15 U.S.C. 80a-44 15 U.S.C. 80b-6 15 U.S.C. 78j 15 U.S.C. 78m 15 U.S.C. 78o 15 U.S.C. 78w 15 U.S.C. 78ll 15 U.S.C. 77g 15 U.S.C. 77j 15 U.S.C. 77q 15 U.S.C. 77s 15 U.S.C. 77sss 44 U.S.C. 3506 44 U.S.C. 3507 |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: Yes | Government Levels Affected: None |
Small Entities Affected: Businesses | Federalism: No |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: Yes | |
Agency Contact: Mykaila DeLesDernier Senior Counsel, Division of Investment Management Securities and Exchange Commission 100 F Street NE, Washington, DC 20549 Phone:202 551-5129 Email: delesdernierm@sec.gov |