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Nicole Crum was quoted in the article, "Industry Hopes Rise after SEC Retreats from Swing Pricing in Money Market Regulation," published by Fund Directions [sub. req'd].

The article discusses the fact that the MMF rule amendments, adopted on July 12, 2023, did not require MMFs to adopt the controversial swing pricing and hard close requirements that the regulator had originally proposed in late 2021. Instead, the rules introduced a mandatory liquidity fee, leading many to believe that the SEC would make a similar change for its anti-dilution requirements for open-end funds, which the SEC has indicated it intends to finalize this year.

Nicole said she would be surprised if swing pricing appeared in the final version of the open-end fund rule, but added she wouldn't put it past the SEC to buck expectations. "I would like to say that maybe swing pricing is off the table for now, but I don't feel like — given the surprises that were here — it's easy to make a prediction. You can't tell with this SEC. And that's not great."