President's Working Group Report on Money Market Fund Reform Options

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On October 21, 2010, the President's Working Group on Financial Markets (the "PWG") released its long-awaited report on money market fund reform options. The genesis of the PWG Report dates back to the run on money market funds that began in September 2008 following the bankruptcy of Lehman Brothers Holdings, Inc. and the subsequent failure of the Reserve Primary Fund to maintain a net asset value ("NAV") of $1 per share and its ultimate collapse following a massive wave of redemption requests. The PWG Report presents eight possible policy options. The options range from measures that could be implemented through SEC rulemaking to broader changes that would require new legislation, coordination by multiple government agencies, and the creation of new private entities.

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