The Securities and Exchange Commission, by a vote of 3 to 2, approved significant changes to Rule 2a-7 and other rules that govern money market funds under the Investment Company Act of 1940 on July 12, 2023. Among other things, the SEC:

adopted a new mandatory liquidity fee framework under Rule 2a-7 for institutional prime and institutional tax‑exempt money market funds in lieu of the proposed swing pricing framework;...