The Securities and Exchange Commission proposed new rules to enhance liquidity management by open-ended funds (including mutual funds and open-ended exchange-traded funds but not money-market funds) and to enhance disclosure regarding fund liquidity and redemption practices. It also proposed rules to permit so-called “swing-pricing” by such entities. Swing pricing would permit open-ended funds to pass along the costs of redemptions and purchases to shareholders associated with the activity, once the level of net purchases into or net redemptions from a fund exceeded a specified percentage of its net asset value. Under the SEC’s proposal, all open-ended funds would be required to have a liquidity risk management program that included certain elements: classification of the liquidity of a fund’s portfolio assets; assessment, periodic review and management of a fund’s liquidity risk; establishment of a three-day liquid asset minimum; and board approval and review. The purpose of the proposed rules, said the SEC, “is aimed at decreasing the likelihood that funds would be unable to meet their redemption obligation and promote effective liquidity risk management industry-wide.” The SEC will accept comments to its proposals for 90 days following publication in the Federal Register.