The liquidity of mutual funds and exchange-traded funds, as well as their operating costs, could be collateral damage, depending on how the Volcker Rule precluding proprietary trading by banks gets implemented, Investment Company Institute general counsel Karrie McMillan will argue Monday at the 2012 ICI Mutual Funds and Investment Management Conference in Phoenix.

Mutual funds and other investment companies were not the target of the Volcker Rule, enacted into law with the passage of the Dodd-Frank Wall Street Reform Act in July 2010. But “funds are not immune” to the implementation of it, she will assert in her opening day address.

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