SEC Commissioner Mark T. Uyeda criticized the SEC's rulemaking agenda for investment advisers and investment funds as being overly prescriptive, costly and failing to effectively address concerns raised by market participants.
The effective date for SEC amendments designed to tailor mutual fund and ETF disclosures to the needs of retail investors will be January 24, 2023. The amendments update the standards of information required in annual and semiannual reports.
In a joint letter, trade associations urged the SEC to extend the comment deadline by 90 days on proposals concerning open-end fund liquidity risk management programs and outsourcing by investment advisers.
SEC Commissioner Hester M. Peirce argued that advisers to funds must vote in accordance with the fund's investment objectives and the best interests of that particular fund, even if doing so conflicts with the best interests of individual shareholders or the asset manager.
The SEC proposed amendments to impose additional liquidity requirements on mutual funds and other SEC-registered open-end funds.