In November, the US Securities and Exchange Commission (SEC) proposed amendments to “better prepare open-end funds for stressed conditions and to mitigate dilution of shareholders’ interests”. Among the proposed changes are swing pricing with a hard close, something we’ve heard from money market funds would represent a completely new regime. We speak with the Investment Company Institute’s (ICI’s) senior director of Industry and Financial Analysis, Shelly Antoniewicz, and Matt Thornton, associate general counsel, about why there is such strong cross-industry opposition to the move.
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