SEC liquidity rule delay a double-edged sword for asset managers

Some mutual funds say a staggered approach to implementation will add to their workload

SEC press association

Last month, the US Securities and Exchange Commission handed mutual funds a gift in the form of a six-month delay in implementation of the trickier aspects of its liquidity risk management (LRM) programme rule.

The regulator initially scheduled an open meeting on February 21 to discuss the changes to Rule 22-e4, but cancelled the meeting at the last minute, only to quietly issue a press release later that night announcing the delay.

While the circumstances of the announcement left many manager

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