Over the past year, the mutual fund industry has continued its work on coming into compliance with the Securities and Exchange Commission’s liquidity risk management program rule. Larger fund groups saw the first compliance milestone pass in December 2018, and they are working on meeting the second compliance milestone this June. Smaller fund groups, meanwhile, have compliance milestones of June and December 2019, which has allowed them to watch the larger fund groups, learn how to comply with the liquidity program rule’s requirements, and become familiar with the knock-on topics that have come to light while building a compliant liquidity program.

To provide the mutual fund industry with transparency and insight into how peers are approaching compliance with the liquidity program rule, ACA Compliance Group surveyed mutual fund/ETF complexes and investment advisers and sub-advisers to mutual funds/ETFs on this topic in May 2018. In an effort to continue providing such transparency and insight, ACA has now conducted a second survey.

To access ACA Compliance Group's white paper, click here.