The U.S. Securities and Exchange Commission (SEC or Commission) on September 22, 2015 proposed a rule that would require all registered open-end funds and open-end exchange-traded funds (ETFs), other than money market funds (MMFs), to adopt liquidity risk management programs. The Commission’s proposal would also permit – but not require – registered open-end funds, other than ETFs and MMFs, to utilize “swing pricing” under certain circumstances. In addition, the proposal would impose new disclosure and reporting requirements related to a fund’s liquidity risk management program and swing pricing policies....