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2018-02-27
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Investment Company Liquidity Risk Management Programs; Commission Guidance for In-Kind ETFs
Rules and Regulations
D09002ee1bdb94476
D09002ee1bdb944f6
United States
Securities and Exchange Commission
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United States Government Agency or Subagency
The Securities and Exchange Commission is adopting an interim final rule that revises the compliance date for the requirements of rule 22e-4 for classification, highly liquid investment minimum, and board approval, as well as related reporting requirements of Part D on Form N-LIQUID and liquidity disclosures on Form N-PORT under the Investment Company Act of 1940. The revised compliance date will be June 1, 2019, for larger entities (revised from December 1, 2018) and December 1, 2019, for smaller entities (revised from June 1, 2019). The Commission is not extending the compliance date for the other provisions of rule 22e-4 and Form N-LIQUID, and liquidity-related changes to Form N-CEN--which remain December 1, 2018 for larger entities and June 1, 2019 for smaller entities. The Commission also is not extending the compliance date for the liquidity-related provisions of Form N-1A, which has already passed. Finally, the Commission is providing guidance to assist funds that will not be engaging in full portfolio classification before the revised compliance date, and In- Kind ETFs, which are not required to engage in full portfolio classification, in identifying illiquid investments for purposes of complying with the 15% illiquid investment limit.
83 FR 8342
https://www.govinfo.gov/app/details/FR-2018-02-27/2018-03917
2018-03917
fr27fe18-9
RIN 3235-AM26
8011-01-P
Release No. IC-33010
File No. S7-03-18
https://www.govinfo.gov/app/details/FR-2018-02-27/2018-03917
https://www.govinfo.gov/content/pkg/FR-2018-02-27/html/2018-03917.htm
https://www.govinfo.gov/content/pkg/FR-2018-02-27/pdf/2018-03917.pdf
13 p.
8342
8354
83 FR 8342
Code of Federal Regulations
Title 17 Part 270
17 CFR Part 270
Code of Federal Regulations
Title 17 Part 274
17 CFR Part 274
Regulation Identification Number 3235-AM26
RIN 3235-AM26
Investment Company Liquidity Risk Management Programs; Commission Guidance for In-Kind ETFs; Federal Register Vol. 83, Issue
RULE
2018-03917
SECURITIES AND EXCHANGE COMMISSION
2018-03-29
Release No. IC-33010
File No. S7-03-18
8011-01-P
2018-03917
Interim final rule; request for comment; interpretation.
The Securities and Exchange Commission is adopting an interim final rule that revises the compliance date for the requirements of rule 22e-4 for classification, highly liquid investment minimum, and board approval, as well as related reporting requirements of Part D on Form N-LIQUID and liquidity disclosures on Form N-PORT under the Investment Company Act of 1940. The revised compliance date will be June 1, 2019, for larger entities (revised from December 1, 2018) and December 1, 2019, for smaller entities (revised from June 1, 2019). The Commission is not extending the compliance date for the other provisions of rule 22e-4 and Form N-LIQUID, and liquidity-related changes to Form N-CEN--which remain December 1, 2018 for larger entities and June 1, 2019 for smaller entities. The Commission also is not extending the compliance date for the liquidity-related provisions of Form N-1A, which has already passed. Finally, the Commission is providing guidance to assist funds that will not be engaging in full portfolio classification before the revised compliance date, and In- Kind ETFs, which are not required to engage in full portfolio classification, in identifying illiquid investments for purposes of complying with the 15% illiquid investment limit.
Effective Dates: The effective date of the interim final rule is March 29, 2018. The effective date for 17 CFR 270.22e-4 and 270.30b1-10 and the amendments to Form N-PORT (referenced in 17 CFR 274.150) published at 81 FR 82267 (November 18, 2016) remains January 17, 2017, and the effective date for amendments to Form N-CEN (referenced in 17 CFR 274.101) published at 81 FR 82267 (November 18, 2016) remains June 1, 2018.
Zeena Abdul-Rahman, Senior Counsel, or Thoreau Bartmann, Senior Special Counsel, at (202) 551-6792, Division of Investment Management, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-8549.
Investment Company Liquidity Risk Management Programs:
Commission Guidance for In-Kind ETFs
,
rule-comments@sec.gov
http://www.sec.gov/rules/interim-final-temp.shtml
https://www.ici.org/pdf/2017_factbook.pdf
https://www.sec.gov/comments/s7-03-18/s70318.htm
www.sec.gov
Federal Register
Vol. 83, no. 39
Office of the Federal Register, National Archives and Records Administration
2018-02-27
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292 p.
Table of Contents:
AE 2.7:
GS 4.107:
AE 2.106:
KF70.A2
https://www.govinfo.gov/app/details/FR-2018-02-27
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https://www.govinfo.gov/content/pkg/FR-2018-02-27/pdf/FR-2018-02-27.pdf
https://www.govinfo.gov/content/pkg/FR-2018-02-27/xml/FR-2018-02-27.xml
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