The mutual fund industry is warning the U.S. Securities and Exchange Commission that new proposed rules aimed at better preparing open-end funds to weather distressed market conditions would harm investors saving for retirement.
But industry groups and fund managers criticized the proposal in public comments, describing them as misguided and harmful.
The proposal also does not accurately reflect key characteristics of fixed income investments, many of which rarely trade, said, which had around $1.74 trillion in assets under management at the end of last year.
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