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ARTICLE · 21 OCTOBER 2016

SEC Adopts Final Rules On Fund Reporting, Liquidity Risk Management Programs And Swing Pricing (With Delta Strategy Group Summary)

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The SEC voted to adopt rule changes under the Investment Company Act that (i) expand the required reporting and disclosure of information by registered investment companies...

United StatesFinance and Banking
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The SEC voted to adopt rule changes under the Investment Company Act that (i) expand the required reporting and disclosure of information by registered investment companies, (ii) impose additional liquidity risk requirements by open-end funds, such as mutual funds and exchange-traded funds and (iii) permit mutual funds to use "swing pricing" (which allows funds to redeem investors at prices that are lower than the going market value of funds' assets under certain circumstances). SEC Chair Mary Jo White emphasized the benefits of the final rules:

These new rules represent a sweeping change for the industry by requiring strong transparency provisions and enhanced investor protections. Funds will more effectively manage liquidity risk and both Commission staff and investors will receive additional and better quality information about fund holdings.

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