Regulatory Alerts2022-02-08 | 2021-27532Added · Updated
Money Market Fund Reforms
The Securities and Exchange Commission proposes amendments to rule 2a-7 to enhance the resilience and transparency of money market funds following market stress events. The proposal eliminates liquidity fees and redemption gates while requiring institutional prime and tax-exempt funds to implement swing pricing and increasing minimum daily and weekly liquidity asset requirements to 25% and 50% respectively. Additionally, the Commission seeks to clarify operational procedures for negative interest rate environments and standardize the calculation of weighted average maturity and life.
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