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Years in the Making, SEC Votes on Money Market Fund Rules

Joe Mont | July 24, 2014

After many months of internal debate that spanned two chairmen, the Securities and Exchange Commission this week adopted money market fund reform rules intended to address the risk of investor runs.

The rules build upon reforms adopted by the SEC in March 2010 that were designed to reduce the interest rate, credit, and liquidity risks of money market fund portfolios. At the time, there was recognition the 2008 financial crisis raised questions of whether more fundamental changes to money market funds might be warranted. The new rules require a floating net asset value (NAV) for institutional prime money market funds and provide...

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