Regulatory Alerts2023-08-03 | 2023-15124Added
Money Market Fund Reforms; Form PF Reporting Requirements for Large Liquidity Fund Advisers; Technical Amendments to Form N-CSR and Form N-1A
The Securities and Exchange Commission adopted final rules to enhance the resilience and transparency of money market funds by removing redemption gates and raising minimum daily and weekly liquid asset requirements to 25% and 50%, respectively. The amendments mandate a liquidity fee framework for institutional prime and tax-exempt funds experiencing significant net redemptions while permitting stable NAV funds to use share cancellation in negative interest rate environments. Additionally, the Commission updated Form PF reporting obligations for large liquidity fund advisers and implemented technical corrections to Forms N-CSR and N-1A.
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