Mutual funds (excluding money market funds) and ETFs are subject to a comprehensive liquidity risk management regulatory framework, adopted by the SEC in 2016 and amended in 2018. The SEC’s 2022 proposal would (i) amend the liquidity risk management rule for mutual funds and ETFs and (ii) mandate that mutual funds impose a “hard close” on investors’ orders and use swing pricing.
This resource center is designed to assist members in understanding, implementing, and administering these requirements. It also highlights our related policy work. Contact Matt Thornton (matt.thornton@ici.org or 202-371-5406) for more information or if you need further assistance.
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Implementation Resources
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Background
Financial Stability Resources
ICI has addressed the subject of fund liquidity extensively in response to inquiries and papers from other regulatory bodies. Visit our Financial Stability Resource Center for material related to liquidity and other topics.