February 14, 2023

Submitted electronically via SEC.gov
Ms. Vanessa A. Countryman
Secretary
U.S. Securities and Exchange Commission
100 F Street, NE
Washington, DC
20549-1090

Re: Open-End Fund Liquidity Risk Management Programs and Swing Pricing; Form N-PORT—Comments on Proposal to Mandate Swing Pricing and a Hard Close (File No. S7-26-22)

Dear Ms. Countryman:

The Asset Management Group of the Securities Industry and Financial Markets Association (“SIFMA AMG”)1 appreciates the opportunity to provide comments to the United States Securities and Exchange Commission (the “Commission” or “SEC”) on the Commission’s proposals to make certain revisions to liquidity risk management programs for open-end funds and to require swing pricing by open-end funds (the “Proposal”).

This letter addresses SIFMA AMG’s comments on the swing pricing and hard close aspects of the Proposal from the perspective of the asset management industry and, except when the context otherwise requires, “Proposal” refers only to those aspects of the Proposal. SIFMA AMG comments on liquidity risk management programs and related disclosures are provided in a separate letter.2 In addition to this letter, SIFMA3 is submitting a separate comment letter on behalf of mutual fund intermediary members with respect to the proposed swing pricing and hard close requirements. SIFMA AMG agrees with and supports the comments set forth in the SIFMA letter.

1 SIFMA AMG brings the asset management community together to provide views on U.S. and global policy and to
create industry best practices. SIFMA AMG’s members represent U.S. and global asset management firms whose
combined assets under management exceed $45 trillion. The clients of SIFMA AMG member firms include, among others, tens of millions of individual investors, registered investment companies, endowments, public and private pension funds, UCITS and private funds such as hedge funds and private equity funds. For more information, visit http://www.sifma.org/amg. SIFMA AMG appreciates the assistance of George B. Raine, Jennifer Choi, Jimena Smith, Elizabeth Madsen and Alina Cathcart of Ropes & Gray LLP in the preparation of this response.

2 SIFMA AMG, Comment Letter on Proposal to Amend Liquidity Risk Management and Reporting Rules (Feb. 14, 2023).

3 SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On behalf of our industry’s nearly 1 million employees, we advocate for legislation, regulation and business policy, affecting retail and institutional investors, equity and fixed income markets and related products and services. We serve as an industry coordinating body to promote fair and orderly markets, informed regulatory compliance, and efficient market operations and resiliency. We also provide a forum for industry policy and professional development. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA).