Rule 22e-4 (17 CFR 270.22e-4) under the Investment Company Act 0f 1940, Investment Company Liquidity Risk Management Programs

Rule 22e-4 under the Investment Company Act of 1940 requires an open-end management investment companies (but not money market funds) and an exchange-traded fund that redeems in kind to establish a written liquidity risk management program that is designed to assess and manage the fund's liquidity risk. The requirements under rule 22e-4 that a fund and In-Kind ETF, as applicable, adopt a written liquidity risk management program, report to the board, maintain a written record of how the highly liquid investment minimum was determined and written policies and procedures for responding to a shortfall of the fund’s highly liquid investment minimum, which includes reporting to the fund’s board of directors (for funds that do not primarily hold highly liquid investments), establish written policies and procedures regarding how the fund will engage in redemptions in kind, and retain certain other records are all collections of information under the PRA. In addition, the requirement under rule 22e-4 that the principal underwriter or depositor of a UIT assess the liquidity of the UIT on or before the date of the initial deposit of portfolio securities into the UIT and retain a record of such determination for the life of the UIT, and for five years thereafter, is also a collection of information under the PRA. The respondents to rule 22e-4 are open-end management investment companies (including, under certain circumstances, In-Kind ETFs but excluding money market funds), and the principal underwriters or depositors of UITs under certain circumstances. Compliance with rule 22e-4 is mandatory. The information collection requirements of rule 22e-4 are designed to ensure that funds maintain comprehensive, written liquidity risk management programs that promote compliance with the federal securities laws and protect investors. The information collections also assist the Commission’s examination staff in assessing the adequacy of funds’ liquidity risk management programs and identifying weaknesses in a fund’s liquidity risk management if violations occur or are uncorrected.

The latest form for Rule 22e-4 (17 CFR 270.22e-4) under the Investment Company Act 0f 1940, Investment Company Liquidity Risk Management Programs expires 2029-06-30 and can be found here.