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GAO-17-271R 1 (2016-12-05)

handle is hein.gao/gaobadsxj0001 and id is 1 raw text is: GAO U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-328609 December 5, 2016 The Honorable Richard Shelby Chairman The Honorable Sherrod Brown Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Jeb Hensarling Chairman The Honorable Maxine Waters Ranking Member Comm ittee on Financial Services House of Representatives Subject: Securities and Exchange Commission: Investment Company Swdng Pricing Pursuant to section 801 (a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Securities and Exchange Commission (the Commission) entitled Investment Company Swing Pricing (RIN: 3235-AL61). We received the rule on October 19, 2016. It was published in the Federal Register as a final rule on November 18, 2016. 81 Fed. Reg. 82,084. The effective date of the rule is November 19, 2018. The final rule adopts amendments to rule 22c-1 under the Investment CompanyAct to permit a registered open-end management investment company (open-end fund or fund) (except a money market fund or exchange-traded fund), under certain circumstances, to use swing pricing, the process of adjusting the fund's net asset value per share to effectively pass on the costs stemming from shareholder purchase or redemption activity to the shareholders associated with that activity, and amendments to rule 31a-2 to require funds to preserve certain records related to swing pricing. The Commission is also adopting amendments to Form N-1A and Regulation S-X and a new item in Form N-CEN, all of which address a fund's use of swing pricing. Enclosed is our assessment of the Commission's compliancewith the procedural steps required by section 801 (a)(1)(B)(i) through (iv) of title 5 with respect to the rule. Our review of the procedural steps taken indicates that the Commission complied with the applicable requirements. GAO-1 7-271 R

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