The SEC’s semi-annual regulatory agenda includes several agenda items of interest to mutual funds. The publication of semiannual regulatory agendas by the SEC and other federal agencies is required by the Regulatory Flexibility Act, but does not have any binding effect. New agenda items of particular interest to the fund industry include the following:

  • Stress Testing for Large Asset Managers and Large Investment Companies: The Division of Investment Management is considering recommending that the SEC propose new requirements for stress testing by large asset managers and large investment companies.
  • Transition Plans for Investment Advisers: The Division of Investment Management is considering recommending that the SEC propose a new rule that would require investment advisers registered with the SEC to create and maintain transition plans.
  • Liquidity Management Programs for Funds: The Division of Investment Management is considering recommending that the SEC propose a new rule requiring open-end funds to adopt and implement liquidity management programs, and that the SEC provide enhanced guidance relating to required liquid assets in open-end funds.
  • Use of Derivatives by Investment Companies Under the Investment Company Act: The SEC previously issued a concept release requesting public comment on issues under the Investment Company Act raised by funds use of derivatives. The Division of Investment Management is considering recommending that the SEC propose new rules under the Investment Company Act addressing the use of derivatives by funds and related matters, including disclosure of fund use of derivatives.