Money Market Funds

News & Analysis as of

U.S. Treasury’s Benchmark TIC SHC Survey and Implications for Investment Managers

TIC SHC is a mandatory benchmark study commissioned by the Treasury and administered by the FRBNY every five years.3 The survey reviews holdings of foreign portfolio securities – including short- and long-term securities and...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - CFTC Division of Market Oversight Reminds Market Participants of the Upcoming Expiration of Certain No-Action Relief From the Ownership and Control Final Rule - On November 16,...more

SEC Adopts New Rules and Rule Amendments to Require Registered Open-End Investment Companies to Establish Liquidity Risk...

The U.S. Securities and Exchange Commission (SEC or Commission) has unanimously adopted new rules and rule amendments to require registered open-end investment companies (including exchange traded funds and exchange-traded...more

Corporate and Financial Weekly Digest - Volume XI, Issue 41

SEC/CORPORATE – SEC Division of Corporation Finance Issues Five Additional C&DIs Relating to Pay Ratio Disclosure Rule – On October 18, the Securities and Exchange Commission’s Division of Corporation Finance...more

Bridging the Week - October 2016 #3

Registration Based on Quantitative Test Likely to Be Part of Supplemental Regulation AT, Suggests CFTC Chairman - Timothy Massad, Chairman of the Commodity Futures Trading Commission, indicated last week that he...more

CFTC Guidance on FCM and DCO Investments in Money Market Funds

Divisions of the U.S. Commodity Futures Trading Commission (CFTC) on August 8, 2016 issued letters restricting futures commission merchants (FCMs) and derivatives clearing organizations (DCOs) from investing in money market...more

District Court Dismisses 401(k) Plan Investment Claims Against Chevron Fiduciaries

A federal district court in California granted defendants’ motion to dismiss claims asserted by Chevron 401(k) plan participants that the plan fiduciaries breached their ERISA fiduciary duties by selecting underperforming...more

Final Rules Issued for Certain Money Market Funds - Election of New Methods May Be Beneficial - Tax Update Volume 2016, Issue 3

The rules generally give helpful and timely guidance for dealing with the new reality of floating rate money market funds. There is a new reality for dealing with floating rate money market shares. On July 8, 2016, the...more

MoFo Tax Talk - Volume 9, No. 2

Editor's Note - Welcome to Tax Talk 9.02. By this fall, we may look back on Q2 2016 with some nostalgia. Of course, there is the U.S. presidential election on November 8th, but U.S. tax advisors right now are more...more

Your daily dose of financial news - The Brief – 8.4.16

As foreshadowed a few weeks ago, the Bank of England has cut its main interest rate to an historically low .25 percent in an effort to address the impact of June’s Brexit vote. The BOE will start bond buying in September....more

"Continental Drift? Brexit’s Potential Impact on International Investment Managers"

The U.K. referendum vote to leave the European Union has focused attention on Brexit’s potential impact on the U.K.’s financial services industry. The U.K. is home to a wide array of asset managers, banks, insurers,...more

Final US Treasury Regulations Provide Additional Flexibility in Determining the Tax Implications of Money Market Fund Share...

Final U.S. Treasury regulations under Section 446 of the Internal Revenue Code of 1986, as amended (the “Code’), providing for the use of the net asset value (“NAV”) accounting method for transactions in money market fund...more

Your daily dose of financial news - The Brief – 7.21.16

The Treasury Dept’s Office of Financial Research has found that money-market funds are increasingly entering into direct repurchase loans with large investors and insurers—another sign that “participants in short-term lending...more

Your daily dose of financial news - The Brief – 7.12.16

The SEC’s opened an investigation into Elon Musk’s Tesla Motors over whether the electric automaker breached securities laws by failing to disclose to investors the fatal crash involving one of its cars in self-driving mode...more

Council Agrees its Negotiating Stance on the Money Market Funds

On June 15, the Council of the EU released a press release stating that the Permanent Representatives Committee had agreed, on behalf of the Council, a negotiating stance on a draft regulation on money market funds, aimed at...more

Orrick's Financial Industry Week in Review

FHFA Releases 2015 Report to Congress - On June 15, 2016, the Federal Housing Finance Agency's "Report to Congress" for 2015 was released. The document, required under federal law, analyzes Fannie Mae, Freddie Mac and...more

UK Financial Regulatory Developments - June 2016 #13

Commission consults on FICOD evaluation - The Commission has launched a consultation on its performance evaluation of the Financial Conglomerates Directive (FICOD). Its purpose is to assess whether the current FICOD...more

Financial Services Weekly News - June 2016

Regulatory Developments - SEC Staff Updates 2014 Money Market Fund Reform FAQs - On May 23, the staff of the Securities and Exchange Commission’s (SEC) Division of Investment Management published additional...more

US Office of the Comptroller of the Currency Issues Bulletin Regarding Compliance with Compliance with Securities and Exchange...

The Office of the Comptroller of the Currency issued a bulletin to highlight actions that national banks and federal savings associations should take and factors that banks should consider based on the US Securities and...more

UK Financial Regulatory Developments - May 2016 #15

ESAs publish ECAI opinion - The European Supervisory Authorities (ESAs – EBA, ESMA and EIOPA) have published their opinion on the Commission’s intention to amend the draft Implementing Technical Standards (ITS) on the...more

Financial Services Weekly News - May 2016 #4

Breaking News - Solicitor General Files Brief in Madden v. Midland Funding - On May 24, the U.S Solicitor General (SG) filed a brief with the U.S. Supreme Court (the Court) in the matter of Madden v. Midland...more

IRS Offers Tax Guidance Relating to Money Market Fund Rules

The IRS recently provided relief from the RIC distribution requirement for money market funds that receive contributions in connection with the transition to a floating NAV, enabling RICs to top up their NAVs without having...more

IRS Guidance Regarding Money Market Mutual Funds

On July 23, 2014, the Securities and Exchange Commission adopted amendments to Rule 2a-7 under the Investment Company Act of 1940, as amended, governing the structure and operation of money market mutual funds (MMFs). ...more

IRS Notice Offers Relief to Issuers of Variable Insurance Products in Response to Pending Money Market Fund Reforms

On May 5, 2016, the IRS issued Notice 2016-32, 2016-21 I.R.B. 1, which affords relief with respect to the application of the diversification requirements of IRC § 817(h) to variable life insurance and annuity contracts...more

Investment Management Update - April 2016

Below is a summary of recent investment management developments that affect registered investment companies, private equity funds, hedge funds, investment advisers, and others in the investment management...more

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