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On November 2, 2022, the US Securities and Exchange Commission (SEC), by a 3-2 party line vote, proposed amendments (the Proposal) to the liquidity…
The SEC proposes amendments to the Investment Company Act. This would include required swing pricing, required hard close, changes to fund liquidity risk management and Form NPORT Reporting Frequency. The comment period for the proposed amendments is 60 days after publication.
The Securities and Exchange Commission on November 2, 2022 proposed significant revisions to its rules governing open-end investment company liquidity risk management and swing pricing....
To begin with, the swing pricing framework will be made applicable only for scenarios related to net outflows from the schemes.
SEC proposed amendments to Rule 2a-7 under the Investment Company Act of 1940. One key element is a requirement that institutional prime and institutional tax-exempt money market funds adopt swing pricing policies so investors bear the liquidity costs of redemptions.