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Liquidity Fees Securities and Exchange Commission (SEC)

K&L Gates LLP

A Deep Dive into Money Market Fund Liquidity Fees

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Executive Summary - On 12 July 2023, the Securities and Exchange Commission (the SEC) adopted amendments to Rule 2a-7 under the Investment Company Act of 1940, as amended (the 1940 Act) (the Final Rule), which governs the...more

Goodwin

SEC Adopts Reforms for Money Market Funds

Goodwin on

On July 12, 2023, the US Securities and Exchange Commission ("SEC") voted, by a 3-2 vote, to adopt money market fund reforms that will significantly impact the regulatory framework governing money market funds ("money funds"...more

K&L Gates LLP

Out With the Old, in With the New – SEC Scraps Swing Pricing Proposal, Removes Redemption Gates, and Mandates Liquidity Fees for...

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In a surprising change, the SEC heeded the cacophony of opposition to swing pricing, but instead threw the industry a curveball by requiring mandatory liquidity fees for institutional prime and institutional tax-exempt money...more

Kramer Levin Naftalis & Frankel LLP

SEC Adopts Amendments to Money Market Fund Rules

On July 12, the Securities and Exchange Commission (Commission) adopted amendments to Rule 2a-7 governing money market funds under the Investment Company Act of 1940 (1940 Act). ...more

Lowenstein Sandler LLP

Gensler Warns of Increased SEC Requirements for Private Funds

On May 25, 2023, Gary Gensler, Chairperson of the U.S. Securities and Exchange Commission (SEC), spoke at an Investment Company Institute leadership conference and discussed SEC proposals that address potential instability in...more

Dechert LLP

SEC Proposes New Round of Money Market Fund Reforms in Response to March 2020 Redemptions

Dechert LLP on

The Securities and Exchange Commission, by a vote of three-to-two, on December 15, 2021, proposed amendments (Proposed Amendments) to Rule 2a-7 and other rules that govern money market funds (money funds) under the Investment...more

Morgan Lewis

SEC Proposes New Amendments to Money Market Fund Rules

Morgan Lewis on

The US Securities and Exchange Commission (SEC) recently proposed amendments (Amendments) to its rules governing money market funds. The Amendments are intended to incorporate lessons learned from the COVID-19-related market...more

Goodwin

SEC Proposes New Round of Money Market Fund Reforms

Goodwin on

On December 15, 2021, the U.S. Securities and Exchange Commission (the “SEC”) voted, by a 3-2 vote, to propose money market fund reforms that would significantly impact the regulatory framework governing money market funds...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

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

Dechert LLP on

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

Morrison & Foerster LLP

Investment Management Legal + Regulatory Update -- September 2014

In This Issue: - Regulation: Long-Awaited Money Market Fund Rules Adopted - SEC Staff Offers Guidance Regarding Investment Advisers and Proxy Advisory Firms - SEC Staff Closes Loophole on BDC Asset...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

McDermott Will & Emery

New Money Market Fund Rules Require Review by Retirement Plan Sponsors

McDermott Will & Emery on

The U.S. Securities and Exchange Commission (SEC) recently amended the rules governing money market funds in an effort to increase the stability and liquidity of these funds in times of economic stress. Money market funds...more

Goodwin

Money Market Fund Reform – A Summary of Significant Changes

Goodwin on

The SEC recently adopted amendments to the rules governing MMFs. Most particularly, the amendments (i) require institutional prime and institutional tax-exempt MMFs to use a floating net asset value as opposed to allowing...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

Orrick - Finance 20/20

SEC Issues Money Market Fund Reform Rules

Orrick - Finance 20/20 on

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

K&L Gates LLP

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

K&L Gates LLP on

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

Morrison & Foerster LLP

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

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