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November 2, 2022

Better Markets Welcomes the SEC’s Proposed Rule to Protect Investors and Financial Stability With Liquidity Management and Swing Pricing in Open-end Funds

WASHINGTON, D.C.— Stephen Hall, Legal Director and Securities Specialist, issued the following statement upon the Securities Exchange Commission’s proposed rule:

“Better Markets welcomes the SEC’s proposed rulemaking to protect investors and financial stability by improving liquidity management and implementing swing pricing for open-end funds.

“As one of the primary investment vehicles for Americans’ hard-earned retirement savings, open-end funds must be resilient during times of market stress. In March 2020, investors raced to redeem their shares in open-end funds, creating a bank-like run to get their money out of those funds before they were diluted by other like-minded investors trying to get their money out simultaneously. To meet overwhelming demand by investors to redeem their shares, open-end funds struggled to sell more illiquid assets to meet demand. This both harmed investors by diluting the value of their shares and posed significant systemic risks to our capital markets that ultimately required intervention by the federal government.

“The SEC’s proposal would seek to bolster the liquidity management programs by open-end funds and institute swing pricing to protect investors and retirement savers’ funds from bank-like runs in the future. We look forward to reviewing the proposed rule carefully and providing particularized comments to the SEC.”


Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies—including many in finance—to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit

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