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SEC proposes funds discuss liquidity risk management programs in annual reports

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SEC proposes funds discuss liquidity risk management programs in annual reports

The SEC proposed a rule requiring some open-end investment management companies to discuss the "operation and effectiveness" of their liquidity risk management programs in their annual reports.

This proposal would replace a pending requirement that funds publicly provide the aggregate liquidity classification profile of their portfolios on Form N-PORT every quarter.

"Today's proposed rule is another step toward completing the implementation of the 2016 final rule in a manner that protects investors while minimizing unnecessary costs on funds," SEC Chairman Jay Clayton said in a statement.

The open-end fund liquidity rule was adopted in October 2016 to promote effective liquidity risk management programs in the fund industry, the SEC said.