Retirement fund managers, small investor advocates, and plan sponsors are having a very hard time with the Securities and Exchange Commission’s hard close proposal.

The proposal was unveiled by the SEC last fall. The comment period ended Feb. 14, and the comments did indeed pour in.

In essence, the commission’s “swing price/hard close” proposal, which was first introduced 20 years ago, is designed to bring order to potentially disorderly investor responses to an economic earthquake. Opponents say it gives large investors yet another advantage over “mainstream” investors without really fixing an existing problem.

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