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The SEC proposed rules requiring the adoption of liquidity risk management programs by SEC-registered, open-end investment companies. Under the Proposed Rule 22e-4, mutual funds and exchange-traded funds ("ETFs") would be required to implement liquidity risk management programs and to improve their disclosures as to fund liquidity and redemption practices. A fund's liquidity risk management program would be required to, among other things: (i) classify the liquidity of fund portfolio assets based on the amount of time an asset would be able to be converted to cash without a market impact; (ii)

FINRA proposed amendments to reporting rules concerning over-the-counter transactions in equity securities to FINRA Facilities to (i) allow the submission of "clearing-only, non-regulatory reports" relating to previously executed and reported transactions and (ii) exempt such reports from certain reporting requirements under FINRA rules. FINRA proposed adopting a new subparagraph (4) under FINRA Rules 7130(g), 7230A(i), 7230B(h) and 7330(h) ("Submission of Non-Tape Reports Associated with Previously Executed Trades") to create a uniquely identified category of submissions to FINRA that are

FINRA made "necessary conforming amendments" in order to merge its dispute resolution subsidiary, FINRA Dispute Resolution, Inc. with its regulatory subsidiary, FINRA Regulation, Inc. Specifically, FINRA made the following changes: (i) amended its Plan of Allocation and Delegation by NASD to Subsidiaries; (ii) amended the FINRA Regulation By-Laws to incorporate substantive and unique provisions from the FINRA Dispute By-Laws; (iii) deleted the FINRA Dispute Resolution By-Laws in their entirety; (iv) made conforming amendments to FINRA rules; and (v) increased the total number of directors who