On October 13, 2016, at an open meeting, the U.S. Securities and Exchange Commission (SEC) voted to approve three rules designed to enhance effective liquidity risk management by open-end funds, including mutual funds and exchange-traded funds (ETFs). The three rules created new forms and rules under the Investment Company Act of 1940 (“1940 Act”), as amended, and amended certain existing forms and rules under the 1940 Act. While the SEC adopted these three rules, it declined to adopt a provision that would have allowed funds to send shareholders their statements electronically by default, which Chair Mary Jo White indicated the SEC staff will continue to study.