Last week the SEC – in a surprise move to many – adopted amendments to reporting requirements on Forms N-PORT[1] and N-CEN[2] (the “amendments”) and issued guidance regarding liquidity risk management (LRM) programs. The amendments were first proposed in 2022 as a small piece of the SEC’s significant Open-End Fund Liquidity Risk Management Programs and...
In its 2016 Liquidity Risk Management Rule, the SEC classified loans as “less liquid investments” (which typically meant they could be sold in seven calendar days although the trades would take longer to settle).
