Liquidity Fees and Redemption Gates Working Group

The Liquidity Fees and Redemption Gates Working Group is addressing operational considerations and challenges related to the imposition and removal of fees and gates as permitted by the final rules, including:

• The daily reporting of weekly liquid assets as a percentage of total fund assets
• The identification of common practices for communicating the imposition of a fee or gate
• Evaluation of operational challenges related to the time a fee or gate is implemented (e.g., intraday versus after close)
• The overall impact of a fee or gate on fund and intermediary operations, and related regulatory disclosures