On September 22, 2015, a unanimous U.S. Securities and Exchange Commission proposed far-reaching rule reforms intended to address liquidity risks in the mutual fund industry. The agency’s preamble indicates it was prompted by a number of factors: increasing complexity of fund portfolios, the continued rise of mutual funds and ETFs as vehicles for retail participation in the markets, and the simple passage of time since the SEC last addressed these topics.View full memo, Significant SEC Rulemaking to Address Liquidity of Mutual Fund Portfolios