The SEC's new rule liquidity rule, Rule 22e-4, lays out requirements for how open-end mutual funds and ETFs adopt and implement written liquidity risk management programs to safeguard fund investors.

Most funds will have to implement these liquidity risk management program requirements by Dec. 1, 2018, while fund complexes with less than a $1 billion in net assets have until June 1, 2019 to comply, according to the SEC.

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