SEC Extends Open-End Fund Compliance Date For Elements Of Liquidity Risk Management Program Rule

The SEC voted to extend by six months the deadline for open-end funds to comply with certain elements of the liquidity risk management program rule. Adopted in October 2016, the open-end fund liquidity rule's compliance date for implementation of the classification and classification-related elements of the liquidity rule is June 1, 2019, for larger fund groups, and Dec. 1, 2019, for smaller fund groups. Remaining requirements will go into effect on Dec. 1, 2018, for larger fund groups, and June 1, 2019, for smaller fund groups, as originally scheduled. In addition, SEC staff issued an additional set of FAQs related to questions that have arisen with respect to the liquidity classification process of the liquidity rule.