SEC publishes first FAQs on liquidity risk management programs

Published: 11 January 2018


On 10 January 2018 the U.S. Securities and Exchange Commission published responses to 15 frequently asked questions regarding investment company liquidity risk management programs required by Rule 22e-4.  The FAQs cover topics including delegation of the responsibilities of the program administrator, circumstances where multiple programs might be used or multiple categorisations of the same investment made under a fund’s program, and various ETF related matters.