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samira76
Topic Author
Posts: 17
Joined: May 4th, 2018, 9:51 am

### Rule 22e-4 of investment

Hi every one
are you know what say Rule 22e-4(a)(4)? I don't find this section of SEC rules, can anyone help me?I find just 22e-4 but don't find  22e-4(a)(4)!

ppauper
Posts: 66634
Joined: November 15th, 2001, 1:29 pm

### Re: Rule 22e-4 of investment

As you say, there is a rule 22e-4
The other numbers would refer to numbered and lettered paragraphs and sections within that rule.
In this instance, I believe 22e-4(a)(4) was part of the proposed rule but did not make it into the final rule

SWilson
Posts: 10
Joined: February 13th, 2018, 5:27 pm

### Re: Rule 22e-4 of investment

samira76
Topic Author
Posts: 17
Joined: May 4th, 2018, 9:51 am

### Re: Rule 22e-4 of investment

ppauper wrote:
As you say, there is a rule 22e-4
The other numbers would refer to numbered and lettered paragraphs and sections within that rule.
In this instance, I believe 22e-4(a)(4) was part of the proposed rule but did not make it into the final rule

yes, I don't find this section and paragraph!

samira76
Topic Author
Posts: 17
Joined: May 4th, 2018, 9:51 am

### Re: Rule 22e-4 of investment

SWilson wrote:
https://www.sec.gov/rules/final/2016/33-10233.pdf

Thank you SWilson I find this file but I can't find this section(22e-4(a)4)

ppauper
Posts: 66634
Joined: November 15th, 2001, 1:29 pm

### Re: Rule 22e-4 of investment

samira76 wrote:
ppauper wrote:
As you say, there is a rule 22e-4
The other numbers would refer to numbered and lettered paragraphs and sections within that rule.
In this instance, I believe 22e-4(a)(4) was part of the proposed rule but did not make it into the final rule

yes, I don't find this section and paragraph!

CLIENT MEMORANDUM: SEC Proposes Changes to Open - End Funds Related to Management of Liquidity Risk
see p.8 of this pdf produced by Willkie Farr & Gallagher LLP for their US clients
15% Standard.
Proposed new Rule 22e-4, as noted above, would codify the 15% guidance and define a “15% standard asset” as an asset that may not be sold or disposed of in the ordinary course of business within seven calendar days at approximately the value ascribed to it by the fund.$^{25}$ The SEC takes the view that this restriction is an important limitation on the acquisition of illiquid holdings, such as private equity investments, securities acquired in an initial public offering, and real estate assets.$^{26}$ The proposed new rule would prohibit a fund from acquiring any new illiquid asset if, immediately after the acquisition, the fund would have invested more than 15% of its net assets in 15% standard assets.  The provision, however, would not require a fund to divest any holdings if 15% standard assets rise above 15% of its net assets due to factors other than purchases of a 15% standard asset.

Footnote 25, referenced in that paragraph, is "Proposed Rule 22e-4(a)(4)."

samira76
Topic Author
Posts: 17
Joined: May 4th, 2018, 9:51 am

### Re: Rule 22e-4 of investment

OMG, thank you  dear ppauper.