The SEC adopted amendments to public liquidity-related disclosure requirements for certain open-end funds, requiring them to discuss the operation and effectiveness of their liquidity risk management programs within their annual or semi-annual shareholder reports. The change replaces a pending requirement that funds publicly provide a quantitative end-of-period snapshot of historic aggregate liquidity classification data for their portfolios on Form N-PORT, which was adopted in 2016 but has since been the subject of extensive outreach from the SEC to identify potential issues associated with the effective implementation of the rule.
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