Regulatory Alerts2016-11-18 | 2016-25347Added · Updated
Investment Company Swing Pricing
The Securities and Exchange Commission adopted amendments to rule 22c-1 under the Investment Company Act to permit registered open-end management investment companies, excluding money market funds and exchange-traded funds, to use swing pricing. This mechanism adjusts the fund's net asset value per share to pass transaction costs from shareholder purchase or redemption activity directly to those shareholders, thereby mitigating dilution of remaining investors. The Commission also amended rule 31a-2 to require recordkeeping of swing pricing computations and updated Form N-1A, Regulation S-X, and Form N-CEN to mandate specific disclosures regarding the fund's use of this pricing method.
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