Background
- SEC’s 2022 Liquidity, Swing Pricing, Hard Close, and Form N-PORT proposal (pdf)
November 2, 2022
- SEC Liquidity Disclosure Amendments (pdf)
June 28, 2018
- SEC Staff Frequently Asked Questions: Investment Company Liquidity Risk Management Programs
Feb 22, 2018
- SEC Interim Final Rule on Investment Company Liquidity Risk Management Programs (pdf)
Feb 22, 2018
- SEC Final Rule on Investment Company Liquidity Risk Management Programs (Adopting Release) (pdf)
Oct 13, 2016
ICI Comment Letters on SEC Liquidity
Comment Letter
ICI Comment Letter on Open-End Fund Liquidity Risk Management Programs and Swing Pricing
ICI submitted a comment letter to the SEC's on their proposal for liquidity, swing pricing, hard...
Comment Letter
Supplemental Comment Letter on 2022 SEC Proposal’s Effect on Funds Holding Bank Loans
On December 22, 2023, the Investment Company Institute (ICI) and ICI Southwest submitted a joint...
Comment Letter
Supplemental Comment Letter on SEC’s 2022 Liquidity, Swing Pricing, and Hard Close Proposal
The Investment Company Institute and ICI Southwest are writing to express our joint concerns with...
Comment Letter
ICI 2018 Comment Letter on the SEC's Liquidity Disclosure Proposal (pdf)
Comment Letter
ICI 2017 Supplemental Comments to SEC on Investment Company Liquidity Risk Management Programs (pdf)
Comment Letter
ICI Submits 2017 Letter to SEC Chairman Clayton on Liquidity and Fund Reporting Rules (pdf)
2016 Comment Letters
ICI Submits Supplemental Comment Letter on SEC Liquidity Risk Management Proposal (pdf)
ICI Research Comment Letter on SEC Liquidity Proposal (pdf)
IDC Comment Letter on SEC Liquidity Risk Management Proposal (pdf)
ICI Comment Letter on SEC Liquidity Proposal (pdf)
Summary of ICI and IDC Comments on the SEC’s Liquidity Risk Management Proposal (pdf)
ICI News Releases
ICI Applauds SEC Action to Amend Liquidity Disclosures and Propose a New Rule for Exchange-Traded Funds
ICI Applauds SEC Action to Amend Liquidity Disclosures and Propose a New Rule for Exchange-Traded...
ICI Supports SEC’s Fund Liquidity Disclosure Proposal
ICI Supports SEC’s Fund Liquidity Disclosure Proposal Institute Agrees That Narrative in Shareholder...
ICI Welcomes Treasury Report on Asset Management Regulation
ICI Welcomes Treasury Report on Asset Management Regulation Stands Ready to Help Advance...
ICI Statement on Final SEC Liquidity and Data Reporting Rules
ICI Statement on Final SEC Liquidity and Data Reporting Rules Washington, DC, October 13, 2016 —...
ICI Supports Establishing Formal Liquidity Risk Management Programs for Funds
ICI Supports Establishing Formal Liquidity Risk Management Programs for Funds Comments Seek...
ICI Statement on SEC Action on Liquidity Risk Management Programs for Mutual Funds
ICI Statement on SEC Action on Liquidity Risk Management Programs for Mutual Funds Washington, DC...
More ICI Resources
Mutual Fund Liquidity: FAQs
Frequently Asked Questions About Mutual Fund Liquidity What is liquidity? The term liquidity can...
2024
The SEC’s Liquidity Proposal Is Arbitrary and Harmful to Investors
January 12, 2024—Open-end long-term mutual funds (“funds”) have a long history of successfully...
2023
2022
2021
Bond Mutual Fund Outflows: A Measured Investor Response to a Massive Shock
The evidence about what happened to financial markets in March 2020 is still far too mixed and...
2020
Market Turmoil and Liquidity Crunch Rooted in the COVID-19 Pandemic
The first paper in ICI’s new research series, “The Impact of COVID-19 on Economies and Financial...
Mutual Fund Flows in the COVID-19 Crisis
The novel coronavirus disease, or COVID-19, is taking a heavy toll on the world economy—in lives, in...
2019
Focus on Funds: US Liquidity Management Rules Draw Global Interest
Focus on Funds US Liquidity Management Rules Draw Global Interest The US Securities and Exchange...
2018
Focus on Funds: Funds Prepare for Imminent Changes to Liquidity Management Rules
Focus on Funds Funds Prepare for Imminent Changes to Liquidity Management Rules New Securities and...
2017
Focus on Funds: ICI Helps Members Prepare for New Liquidity Management Rule
Focus on Funds ICI Helps Members Prepare for New Liquidity Management Rule Asset managers are...
Focus on Funds: Industry Prepares for New Liquidity Management Regime
Focus on Funds Industry Prepares for New Liquidity Management Regime The US Securities and Exchange...
2016
Liquidity Risk Management Must Be Done Right
The following ICI Viewpoints is a lightly edited version of a letter that ICI President and CEO Paul...
Quick Take: ICI Response to SEC’s Liquidity Management Proposal
Quick Take: ICI Response to SEC’s Liquidity Management Proposal The SEC’s Proposed Minimum Liquidity...
Focus on Funds: SEC Liquidity Proposal: Good Goals, Unintended Consequences
Focus on Funds SEC Liquidity Proposal: Good Goals, Unintended Consequences The January 15, 2016...
How the SEC’s Six-Bucket Approach Could Provide a False Picture of Liquidity
As I explained in a previous post, I filed a letter on January 13 with the U.S. Securities and...
The SEC’s Liquidity Proposal: Good Goals, Unintended Consequences
On January 13, I filed a letter with the U.S. Securities and Exchange Commission (SEC), in response...