SEC Seeks to Keep Mutual Fund Pricing Rule Paperwork Alive
Published Date: 12/5/2025
Notice
Summary
The SEC is asking for comments on extending a rule that helps certain investment funds use "swing pricing" to protect investors from losing money when lots of people buy or sell shares. This mainly affects open-end funds (not money market or ETFs) that might start using swing pricing, with an estimated cost of about $77,000 and 280 hours of work for a few fund groups. No funds have used this yet, but the rule keeps things ready and fair.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Documentation, Board, and Recordkeeping Costs for Funds
If a fund complex adopts swing pricing, the SEC estimates initial documentation, review, and board-approval costs of $77,038 per fund complex and estimates that 5 fund complexes may adopt it (total initial cost $385,190) with a total of 280 hours of work. The rule also requires funds to keep swing policies (including items in effect within the past six years) and retain periodic reports from the swing pricing administrator; the SEC estimates recordkeeping costs of $388 per fund complex (aggregate 20 hours and $1,940) and an amortized average annual burden of 113.3 hours and $130,336, plus an estimated external legal services burden of $2,920.
Swing Pricing Can Protect Investors
Rule 22c-1 lets open-end management investment companies (other than money market funds or ETFs) choose to use “swing pricing” to adjust a fund’s net asset value (NAV) and help reduce investor dilution. The SEC says the rule is intended to promote investor protection by giving funds an extra tool to mitigate the effects of large purchase or redemption activity.
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