Tag:swing pricing

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United States: SEC Proposes Changes to Open-End Fund Liquidity Framework

United States: SEC Proposes Changes to Open-End Fund Liquidity Framework

By: Franklin H. Na and Cole E. Wilhelmi

On November 2, 2022, the Securities and Exchange Commission proposed amendments to Rule 22e-4 and Rule 22c-1 of the Investment Company Act of 1940 that would require open-end funds to adjust their approach to liquidity risk management. In particular, the proposed amendments would mandate swing pricing and a “hard close” on most open-end funds, and would amend certain components of open-end funds’ liquidity risk management programs.

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