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2018-02-14
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Investment Company Liquidity Risk Management Programs
Part IV
Rules and Regulations
D09002ee1bdc05574
D09002ee1bdc056b2
United States
Securities and Exchange Commission
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org
United States Government Agency or Subagency
The Securities and Exchange Commission is adopting new rules, a new form and amendments to a rule and forms designed to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The amendments also seek to enhance disclosure regarding fund liquidity and redemption practices. The Commission is adopting new rule 22e-4, which requires each registered open-end management investment company, including open-end exchange- traded funds (``ETFs'') but not including money market funds, to establish a liquidity risk management program. Rule 22e-4 also requires principal underwriters and depositors of unit investment trusts (``UITs'') to engage in a limited liquidity review. The Commission is also adopting amendments to Form N-1A regarding the disclosure of fund policies concerning the redemption of fund shares. The Commission also is adopting new rule 30b1-10 and Form N-LIQUID that generally will require a fund to confidentially notify the Commission when the fund's level of illiquid investments that are assets exceeds 15% of its net assets or when its highly liquid investments that are assets fall below its minimum for more than a specified period of time. The Commission also is adopting certain sections of Forms N-PORT and N-CEN that will require disclosure of certain information regarding the liquidity of a fund's holdings and the fund's liquidity risk management practices.
81 FR 82142
https://www.govinfo.gov/app/details/FR-2016-11-18/2016-25348
2016-25348
fr18no16-12
RIN 3235-AL61
8011-01-P
Release Nos. 33-10233
IC-32315
File No. S7-16-15
https://www.govinfo.gov/app/details/FR-2016-11-18/2016-25348
https://www.govinfo.gov/content/pkg/FR-2016-11-18/html/2016-25348.htm
https://www.govinfo.gov/content/pkg/FR-2016-11-18/pdf/2016-25348.pdf
Investment Companies
Reporting and Recordkeeping Requirements
Securities
128 p.
82142
82269
81 FR 82142
Code of Federal Regulations
Title 17 Part 270
17 CFR Part 270
Code of Federal Regulations
Title 17 Part 274
17 CFR Part 274
Regulation Identification Number 3235-AL61
RIN 3235-AL61
Investment Company Liquidity Risk Management Programs; Federal Register Vol. 81, Issue
RULE
2016-25348
IV
SECURITIES AND EXCHANGE COMMISSION
2017-01-17
Release Nos. 33-10233
IC-32315
File No. S7-16-15
8011-01-P
2016-25348
Final rule.
The Securities and Exchange Commission is adopting new rules, a new form and amendments to a rule and forms designed to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The amendments also seek to enhance disclosure regarding fund liquidity and redemption practices. The Commission is adopting new rule 22e-4, which requires each registered open-end management investment company, including open-end exchange- traded funds (``ETFs'') but not including money market funds, to establish a liquidity risk management program. Rule 22e-4 also requires principal underwriters and depositors of unit investment trusts (``UITs'') to engage in a limited liquidity review. The Commission is also adopting amendments to Form N-1A regarding the disclosure of fund policies concerning the redemption of fund shares. The Commission also is adopting new rule 30b1-10 and Form N-LIQUID that generally will require a fund to confidentially notify the Commission when the fund's level of illiquid investments that are assets exceeds 15% of its net assets or when its highly liquid investments that are assets fall below its minimum for more than a specified period of time. The Commission also is adopting certain sections of Forms N-PORT and N-CEN that will require disclosure of certain information regarding the liquidity of a fund's holdings and the fund's liquidity risk management practices.
Effective Dates: This rule is effective January 17, 2017 except for the amendments to Form N-CEN (referenced in 17 CFR 274.101) which are effective June 1, 2018.
Zeena Abdul-Rahman, John Foley, Andrea Ottomanelli Magovern, Naseem Nixon, Amanda Hollander Wagner, Senior Counsels; Thoreau Bartmann, Melissa Gainor, Senior Special Counsels; or Kathleen Joaquin, Senior Financial Analyst, Investment Company Rulemaking Office, at (202) 551-6792, Ryan Moore, Assistant Chief Accountant, or Matt Giordano, Chief Accountant at (202) 551-6918, Office of the Chief Accountant, Division of Investment Management, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-8549.
Investment Companies
Reporting and Recordkeeping Requirements
Securities
Investment Company Liquidity Risk Management Programs
,
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Federal Register
Vol. 81, no. 223
Office of the Federal Register, National Archives and Records Administration
2016-11-18
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Table of Contents:
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https://www.govinfo.gov/app/details/FR-2016-11-18
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0042-1219
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