ICI Southwest & ICI File Joint Comment Letter to SEC on Open-End Fund Liquidity Risk Management Programs and Swing Pricing; Form N-PORT Reporting
On November 21, 2023, ICI Southwest and the Investment Company Institute submitted a joint comment letter to the Securities and Exchange Commission to express concerns with the SEC’s proposal to amend the current liquidity risk management rule and mandate that mutual funds impose a “hard close” on investors’ orders and use swing pricing, which would fundamentally alter the management and operation of funds; the pricing of mutual fund shares; and how investors purchase and sell mutual fund shares.