SEC Adopts Liquidity Risk Management Rules for Mutual Funds and Exchange-Traded Funds

Skadden, Arps, Slate, Meagher & Flom LLP

Thomas A. DeCapo Kevin T. Hardy Michael K. Hoffman Kenneth E. Burdon

On October 13, 2016, the SEC voted to adopt new and amended rules and forms intended to enhance and standardize liquidity risk management by mutual funds and exchange-traded funds, which will likely have a broad impact on open-end funds and the investment management industry at large. The new rules impose significant additional oversight responsibilities on fund boards and may have a sizable impact on the ability to utilize certain investment strategies in open-end fund structures.

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