Money Market Funds

News & Analysis as of

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

Capital Thinking: Financial Services

LEGISLATIVE ACTIVITY - GAO expected to release Report on Big Banks - On Thursday, July 31, the Government Accountability Office (GAO) is expected to release a long awaited report on funding advantages of the...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

Orrick's Financial Industry Week in Review

Amendments to Offshore Fund Rules to Reflect Finance Act 2014 AIFM Partnership Tax Changes - Regulations amending the Offshore Funds Regulations 2009 (the 2009 Regulations) to reflect the Finance Act 2014 changes to...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

This Week In Securities Litigation (Week ending July 25, 2014)

The Commission issued its long discussed rules reforming money markets this week, requiring that institutional prime money market funds have a floating NAV. The vote was 3-2....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

ECB Opines on the Proposed Money Market Funds Regulation

On June 4, the European Central Bank (ECB) published an opinion on the European Commission’s proposed regulation on Money Market Funds (MMF). The MMF regulation, which is aimed at enhancing the liquidity and stability of MMF,...more

Orrick's Financial Industry Week in Review

FMLC Publishes Response on Bail-in Powers - In response to a consultation by HM Treasury, the UK's Financial Markets Law Committee (FMLC) published a letter on June 4 relating to the bail-in powers introduced by the...more

Investment Management Legal + Regulatory Update -- April 2014

In This Issue: - Regulatory Updates: ..NEP Announces Never-Before-Examined Initiative; Examination Priorities for 2014; Division of Investment Management Lists 2013 Accomplishments; Sets 2014 Agenda; Money...more

SEC Staff Posts Analyses of Money Market Fund Reform Literature for Public Comment

The SEC staff has made available as a supplement to its June 2013 money market fund reform proposal (discussed in the June 11, 2013 Financial Services Alert) the following analyses of data and academic literature related to...more

Money Market Reform Inches Forward

The staff of the SEC’s Division of Economic and Risk Analysis (DERA) made available its analyses of data and academic literature relevant to pending money market fund reform. DERA said that the analyses could assist the...more

SEC Charges Adviser and Portfolio Manager with Misrepresentations to Money Market Fund Board and Rule 2a-7 Violations

The SEC issued an Order (the “Order”) instituting administrative and cease-and-desist proceedings against Ambassador Capital Management, LLC (the “Adviser”) and the portfolio manager (the “Portfolio Manager”) for a prime...more

Update on UK and European Regulatory Developments - October 2013

The latest edition of Financial Services Europe and International Update from Dechert’s Financial Services Practice covers the most recent regulatory developments. In This Issue: - Part A – Regulation of Financial...more

Money Market Fund Reform: The Next Crossroads

The period for comments on the Securities and Exchange Commission’s proposed money market fund reforms ended September 17. The tone of the comment letters, as well as the large quantity of responses, should serve to remind...more

The Financial Report - Volume 2, No. 18 • October 10, 2013 (Global)

IN THIS ISSUE: - Discussion and Analysis - News from the Americas - News from Asia and the Pacific - News from Europe - Global Regulators - US Securities and Exchange Commission Developments - US Commodity...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

NY Fed to Establish an Overnight Fixed-Rate Reverse Repo Facility Available to Money Market Funds and Others

The New York Fed quietly announced it is testing a “new tool” that would provide a lifeline for yield-starved money market funds. In a speech today at Fordham University, William C. Dudley, president and chief...more

Financial Services Legislative and Regulatory Update -- September 23, 2013

In This Issue: Leading the Past Week; Legislative Branch; Executive Branch; and Upcoming Hearings. Excerpt from Leading the Past Week - Welcome to fall, which used to be marked by events like apple...more

Commission Publishes Proposals for a Regulation on MMFs

On September 4, a proposed Regulation on money market funds (MMFs) was published by the Commission, accompanied by a press release, impact assessment, FAQs and various other documents....more

IRS Proposes De Minimis Exception to Wash Sale Rules in Connection with SEC Money Market Fund Floating NAV Proposal

The U.S. Internal Revenue Service (IRS) has proposed a new Revenue Procedure (Proposed Revenue Procedure) regarding the application of the wash sale rules under Section 1091 of the U.S. Internal Revenue Code (Code) to...more

Private Fund Update - July 29, 2013

In this issue: - Last week - The President - The 113th Congress - Securities and Exchange Commission - Commodity Futures Trading Commission - Private Equity Growth Capital Council...more

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