SEC提议扩大注册基金可开展交叉交易的证券范围
SEC Proposes Expanding Securities Eligible for Cross Trading by Registered Funds
U.S. Securities and Exchange Commission
以下为原文逐段中文翻译，保留图表与说明。AI 翻译并经 AI 对照复核，仍可能存在错误；核对数据和引用时请同时查看原文。译文发布：2026年10月9日 23:44（北京时间）。
华盛顿特区，2026年10月9日——
美国证券交易委员会（SEC）今天提议修订《投资公司法》下的“交叉交易规则”。该规则允许注册基金与其关联方在特定条件下进行证券交易。拟议修订将更新并扩大这项规则，在加强投资者保护措施的前提下，允许开展有益于注册基金及其份额持有人的交叉交易，例如降低基金的交易成本。
SEC主席保罗·S·阿特金斯（Paul S. Atkins）在一份声明中表示：“今天，委员会提议修订《1940年投资公司法》下的第17a-7条规则，在推动监管框架适应当今市场实际情况方面又迈出一步。该规则允许注册基金与某些关联方之间进行证券交易。交叉交易如果执行得当，能够帮助注册基金免去在公开市场交易的相关成本，并将节省的费用惠及投资者。我们今天提出的修订将更新并扩大交叉交易规则，帮助投资者进一步节省成本。”
第17a-7条规则于1966年首次通过后，注册基金依据这项交叉交易规则交易股票和固定收益证券。然而，2020年通过的《投资公司法》“基金估值规则”，实际上限制了大多数固定收益证券的交叉交易；委员会当时也承认，正在考虑对交叉交易规则作出潜在修订。
拟议修订将恢复大多数固定收益证券开展交叉交易的能力，并更新规则所列条件，包括交叉交易的定价和监督要求。这些更新将考虑市场发展带来的变化，例如定价变得更容易核验、更透明。此外，提案还要求开展交叉交易的注册基金汇总报告交易活动与交叉交易情况，以提高透明度。
提案将在SEC.gov和《联邦公报》上发布。公开征求意见期为自《联邦公报》刊登之日起60天。
最近审阅或更新日期：2026年10月9日。
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SEC Proposes Expanding Securities Eligible for Cross Trading by Registered Funds
Washington D.C., Oct. 9, 2026 —
The Securities and Exchange Commission today proposed amendments to the Investment Company Act “cross-trading rule,” which permits transactions in securities between a registered fund and its affiliates under certain conditions. The proposed amendments would modernize and expand the cross-trading rule and would allow cross trades that are beneficial to registered funds and their shareholders (by, for example, reducing a fund’s trading costs), subject to enhanced investor protection measures.
“Today, the Commission took another step toward modernizing our regulatory frameworks to meet the realities of today’s markets by proposing amendments to Rule 17a-7 under the Investment Company Act of 1940, which permits trades in securities between registered funds and certain affiliates. When executed appropriately, cross trades allow registered funds to avoid costs associated with open market trades and to then pass those savings on to investors. The amendments we are proposing today would modernize and expand the cross-trading rule, helping to deliver additional cost savings to those investors,” said SEC Chairman Paul S. Atkins in a statement .
Following the initial adoption of Rule 17a-7 in 1966, registered funds relied on the cross-trading rule to trade both equity and fixed-income securities. However, adoption of the Investment Company Act’s “fund valuation rule” in 2020 effectively restricted cross trading most fixed-income securities, although at the time the Commission recognized that potential revisions to the cross-trading rule were under consideration.
The proposed amendments would restore the ability to cross trade most fixed-income securities and modernize the rule’s conditions, including those related to pricing and oversight of cross trades. These modernizations would, among other things, recognize market developments that have led to pricing that is more verifiable and transparent. The proposal would also require aggregated reporting of trading activity and cross trades by registered funds that engage in cross trading to provide additional transparency.
The proposal will be published on SEC.gov and in the Federal Register. The comment period will remain open for 60 days after publication in the Federal Register.
Last Reviewed or Updated: Oct. 9, 2026
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美国SEC9日提议修订基金交叉交易规则，拟恢复大多数固定收益证券开展交叉交易的能力，并更新定价、监督和汇总报告要求。SEC认为，这可在加强投资者保护的同时降低部分交易成本。提案将在《联邦公报》刊登后征求意见60天。
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