The LSTA kicked off 2016 by submitting a comment letter on January 13^th on the SEC’s proposed Open End Fund Liquidity Risk Management Rules, which had been issued in September 2015. In particular, we focused on the impact on open end loan mutual funds, which hold more than $100 billion of loans. During the first half of 2016, we met with a number of SEC staff to walk them through loans, loan mutual funds and how managers deal with liquidity and redemption risk.