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"The SEC’s original proposal, released a year ago, would require funds to maintain a reserve of liquid assets that could be turned into cash within three days. In theory, those easy to sell assets would act like a shock absorber, giving funds a cash lifeline during desperate times. The bar would be higher for funds holding less liquid assets such as emerging-market bonds or bank loans than it would have been for plain vanilla stock and bond funds, the rule proposal said. Regulators have never before imposed such a requirement." [...] "The SEC’s original proposal also required funds to estimate how many days it would take to sell off each of their holdings, a complicated task for funds that own dozens and sometimes hundreds of securities or derivatives contracts."
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