The Securities and Exchange Commission today unanimously proposed two alternative requirements for money market funds. First, the SEC would require institutional prime money market funds to operate with a floating net asset value (NAV). Separately, the SEC would require non-government money market funds to adopt “fees and gates” to stem redemptions in times of stress.
In her remarks at the open meeting, Chairman Mary Jo White said that it has been “a journey to get to this point.” She said that the proposals are important “because they advance the public debate that will shape the final rules to address one of the most prominent events arising from the financial crisis.”
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