SEC Says Trustees Misread Liquidity Rule In Opposition To Complaint

(October 12, 2023, 3:15 PM EDT) -- SYRACUSE, N.Y. — The Securities and Exchange Commission filed a surreply in a New York federal court saying that a mutual fund’s trustees incorrectly argue that the SEC previously said it could not adopt a new liquidity rule; the argument first appeared in the trustees’ reply brief in support of their motion to dismiss the SEC’s civil complaint alleging that the fund and its principals violated the Liquidity Rule by having more than 15% of its assets in illiquid investments....