News & Analysis as of

Floating NAV

K&L Gates LLP

Proposed Money Market Fund Reforms Related to Negative Interest Rates Favor Conversion to Floating NAV and Prohibit Other...

K&L Gates LLP on

On 15 December 2021, the Securities and Exchange Commission (the SEC) proposed amendments to Rule 2a-7 under the Investment Company Act of 1940, as amended (the 1940 Act) (the Proposed Rule), which governs the structure and...more

Skadden, Arps, Slate, Meagher & Flom LLP

SEC Staff Encourages Proactive Approach to Libor Transition Issues

On July 12, 2019, the staff of the Division of Corporation Finance, Division of Investment Management, Division of Trading and Markets, and Office of the Chief Accountant (Staff) of the Securities and Exchange Commission...more

Troutman Pepper

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

Troutman Pepper on

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

Dechert LLP

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

Dechert LLP on

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

Morgan Lewis

IRS Offers Tax Guidance Relating to Money Market Fund Rules

Morgan Lewis on

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

K&L Gates LLP

IRS Guidance Regarding Money Market Mutual Funds

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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

Eversheds Sutherland (US) LLP

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

Dechert LLP

SEC Staff Issues Money Market Fund Reform Frequently Asked Questions

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The Staff of the Division of Investment Management (Staff) of the U.S. Securities and Exchange Commission (SEC or Commission) has published responses to frequently asked questions (FAQs) regarding the SEC’s 2014 amendments...more

Carlton Fields

Money Market Fund Reform Complicates Insurance Product Fund Offerings

Carlton Fields on

In July 2014, the SEC adopted amendments to Rule 2a-7 under the Investment Company Act of 1940 that impose new requirements on money market funds (MMFs). The amendments may have unexpected consequences and impose unique costs...more

Dechert LLP

The U.S. Securities and Exchange Commission Approves Amendments to Rules Governing Money Market Funds: Implications for Boards

Dechert LLP on

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

Dechert LLP

Money Market Funds - Focus Shifts to Europe

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Following the adoption by the U.S. Securities and Exchange Commission (“SEC”) of amendments to the rules governing U.S. money market funds (“MMFs”), the focus is shifting to Europe. In fact, the prospects for sensible MMF...more

Morgan Lewis

The New Era of Money Market Fund Regulation

Morgan Lewis on

On July 23, 2014, the U.S. Securities and Exchange Commission (SEC) voted 3–2 to significantly amend the regulatory framework of money market mutual funds (MMFs), particularly Rule 2a-7 under the Investment Company Act of...more

Troutman Pepper

SEC Approves New Rules to Address Run Risks in Money Market Funds

Troutman Pepper on

In This Presentation: - Introduction - Post 2008 Regulatory History - Classifying Money Market Funds - Floating Nav - Liquidity Fees And Redemption Gates - Liquidity Fees -...more

Troutman Pepper

SEC Approves New Rules to Address Run Risks in Money Market Funds

Troutman Pepper on

On September 9, 2014, Pepper Hamilton attorneys Gregory J. Nowak and John P. Falco spoke on a webinar for West LegalEdcenter, part of Thomson Reuters. This podcast is a recording of this webinar. On July 23 the Securities...more

K&L Gates LLP

Summary of New Money Market Fund Rules Adopted by the SEC

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

K&L Gates LLP

New Tax Guidance Would Simplify Rules for Shareholders of Institutional Money Market Funds

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On July 23, 2014, the Securities and Exchange Commission (SEC) adopted final rules governing the structure and operation of money market funds (SEC MMF Reform Rules). See our client alert entitled “SEC Adopts Floating-NAV and...more

Goodwin

SEC Adopts Money Market Fund Reforms

Goodwin on

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

Broker-Dealer Compliance + Regulation

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

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