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SEC proposal would reopen more fixed-income cross trades for funds

Proposed changes to Rule 17a-7 would widen the securities funds can trade with affiliates while adding pricing, oversight and reporting conditions.

An abstract bond certificate crosses a transparent pricing bridge between two modern fund courtyards.

The Securities and Exchange Commission has proposed expanding Rule 17a-7, the Investment Company Act rule that lets a registered fund trade securities with certain affiliates under defined conditions. The proposal would broaden those transactions while adding investor-protection measures.

A cross trade moves a security between affiliated funds rather than through an open-market transaction. The SEC says an appropriately executed cross trade can avoid outside trading costs and pass those savings to investors.

Fixed income returns to the center of the rule

Funds used Rule 17a-7 for both stocks and fixed-income securities after the rule was adopted in 1966. The SEC says its 2020 fund-valuation rule effectively restricted most fixed-income cross trading, even as the agency was considering a revision.

The new proposal would restore most fixed-income cross trades and update pricing and oversight conditions to reflect more verifiable market pricing. Funds that use cross trades would also have to report aggregated trading and cross-trading activity.

These changes are proposed, not final. The comment period will remain open for 60 days after the proposal appears in the Federal Register.

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