SEC Approves New Rules to Address Run Risks in Money Market Funds
On Dec. 15, 2021, the Securities and Exchange Commission (SEC) voted to propose amendments to certain rules governing money market funds under the Investment Company Act of 1940 (the 1940 Act). The SEC indicated that the...more
Non-Enforcement - SEC Decides Against Mounting an Appeal in Koch Ruling - The July 2015 ruling by the D.C. Circuit Court in Koch v. SEC will apparently not be challenged by the SEC. The Court ruled in that...more
The SEC recently adopted rule amendments removing credit rating references in Rule 2a-7 and Form N-MFP. Issuer diversification provisions were also amended to eliminate a current exclusion for securities subject to a...more
On July 23, 2014, the Securities and Exchange Commission (the SEC) adopted final rules governing the structure and operation of money market funds (MMFs), in a release adopting amendments to Rule 2a-7 (Rule) under the...more
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