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US - SEC release new rules on liquidity risk management and swing pricing

On 14 October 2016, the U.S. Securities and Exchange Commission (SEC) released new rules on 14 October 2016 on liquidity risk management and swing pricing.

On 14 October 2016, the U.S. Securities and Exchange Commission (SEC) released new rules on 14 October 2016 on liquidity risk management and swing pricing. These new rules regarding  liquidity risk management requires registered open-end investment companies (other than money market funds) and “in-kind ETFs” to adopt a written liquidity risk management program that is reasonably designed to assess and manage its liquidity risk.  The compliance date for the liquidity risk management program requirement is 1 December 2018 for larger entities (fund groups with more than $1B in net assets), and 1 June 2019 for smaller entities.  The SEC has also adopted amendments to permit (but not require) a registered open-end investment company (other than a money market fund or ETF) to use “swing pricing” in certain circumstances.

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