Liquidity Fees

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SEC Adopts Money Market Fund Reforms

At a meeting held on July 23, 2014, the SEC voted 3-2 to adopt amendments (the “Amendments”) to various regulatory requirements affecting money market funds (“MMFs”). The Amendments, which are set forth in SEC Release No....more

SEC Requires Floating NAV for Institutional Money Market Funds; IRS Eases Tax Reporting Burden for Fund Investors

A divided Securities and Exchange Commission recently adopted rules that will require floating net asset values (NAVs) for institutional money market funds and give most money market funds the discretion to impose liquidity...more

SEC Issues Money Market Fund Reform Rules

On July 23, the SEC adopted amendments to the rules that govern money market mutual funds. The new rules require a floating net asset value (NAV) for institutional prime money market funds to fluctuate, which allows the daily...more

SEC Adopts Floating NAV and Liquidity Fees/Redemption Gates Rules for Money Funds

On July 23, 2014, the Securities and Exchange Commission (the SEC) adopted final rules governing the structure and operation of money market funds. These rules are discussed in a release adopting amendments to Rule 2a-7 under...more

SEC Adopts Amendments to Money Market Fund Rules

The Securities and Exchange Commission (SEC) today adopted long-awaited and highly anticipated amendments to rules under the Investment Company Act of 1940 (the 1940 Act) governing money market funds. ...more

SEC Requires Floating NAV for Institutional Money Market Funds; IRS Eases Tax Reporting Burden for Fund Investors

Yesterday, a divided Securities and Exchange Commission adopted rules that will require floating net asset values (NAVs) for institutional money market funds and give most money market funds the discretion to impose liquidity...more

SEC Approves Amendments to Rules Governing Money Market Funds

Yesterday, the U.S. Securities and Exchange Commission (“SEC”), by a vote of 3 to 2, approved amendments to Rule 2a-7 and other rules that govern money market funds under the Investment Company Act of 1940 (the “Amendments”)....more

Keith Ross on HFT, Reg NMS and Dark Pools [Video]

Today’s financial markets can be summed up in three words - global, fast, and complex. But as the market structure evolves, so must the regulatory structure that oversees it. John Lothian News has spoken with several industry...more

Financial Services Quarterly Report - Third Quarter 2013: U.S. SEC’s Proposal to Amend Rules Governing Money Market Funds:...

The U.S. Securities and Exchange Commission (“SEC”) has proposed sweeping amendments to Rule 2a-7 under the Investment Company Act of 1940 (“1940 Act”) and other rules relating to money market funds (“money funds”).1 The...more

Prudential Regulation Authority Statement on Liquidity

On August 28, Mark Carney, Governor of the Bank of England, confirmed that the Prudential Regulation Authority (PRA) Board will implement the June 2013 recommendation of the Financial Policy Committee (FPC) regarding the...more

Poker liquidity sharing in Europe closer?

Italian, French, German, Portuguese, UK and Spanish gambling regulators met in Lisbon at the beginning of the month and more recently issued interesting statements at the World Gaming Executive Summit 2013 that might lead to...more

Reforming the regulation of money market funds

Financial Services analysis: The Securities and Exchange Commission (SEC) has proposed wide-ranging reforms to the regulation of money market funds (MMFs). But do they go far enough and will they revive investor confidence?...more

SEC Proposes Major Revisions to Money Market Fund Rules

On June 5, 2013, the Securities and Exchange Commission (“SEC”) voted to release its long-awaited proposals to make significant revisions to the rules governing money market mutual funds (“money funds”), as well as to adopt...more

Financial Services Bulletin: Action At The SEC, Fed, And FDIC

The SEC Proposed Money Market Fund Reforms - On Wednesday, June 5, 2013, the Securities and Exchange Commission (the “SEC”) voted unanimously to propose rules that would reform the way that certain money market funds...more

SEC Proposes Reforms for Money Market Funds

On June 5, 2013, the Securities and Exchange Commission (the “SEC”) voted unanimously to propose significant new reforms for money market funds (“MMFs”) primarily in response to the risk of runs on MMFs during times of...more

SEC Releases Long-Awaited Money Market Fund Reform Proposal

On June 5, 2013, the U.S. Securities and Exchange Commission (the SEC) released for public comment its proposal to further reform the regulatory structure governing money market funds and address the perceived systemic risks...more

Observations on the SEC’s Latest Approach to Money Market Reform

On June 5, 2013, the Securities and Exchange Commission ("Commission") unanimously voted to propose rules that would alter the way that money market funds operate. Shortly thereafter, the Commission released the proposed...more

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