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SEC amends and proposes additional rules for mutual funds and institutional investment managers

On November 2, the SEC adopted rule and form amendments to enhance the information mutual funds report on Form N-PX about their proxy votes. The amendments will also require institutional investment managers to report annually on Form N-PX how they voted proxies relating to certain executive compensation matters, or "say on pay" votes, as required by Dodd-Frank. The rule and form amendments will be effective for proxy votes on or after July 1, 2023, with the first filings subject to the amendments due in 2024.
The SEC also voted to propose amendments related to open end mutual fund liquidity risk management and swing pricing. The proposal would enhance how open-end funds, other than money market funds and certain exchange traded funds, classify the liquidity of their investments and require impacted funds to hold a minimum amount of highly liquid assets of at least 10% of net assets. It also would require impacted funds to use swing pricing and implement a "hard close" to improve operational processes around swing pricing and order processing. Lastly, the proposal would require more frequent and timely reporting on Form N-PORT.

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