Regulatory Alerts2014-08-14 | 2014-17746Added · Updated
Removal of Certain References to Credit Ratings and Amendment to the Issuer Diversification Requirement in the Money Market Fund Rule
The Securities and Exchange Commission is re-proposing amendments to rule 2a-7 and Form N-MFP to remove references to credit ratings and substitute alternative standards of creditworthiness in accordance with the Dodd-Frank Act. The Commission also proposes to eliminate an exclusion from the issuer diversification requirement for securities guaranteed by non-controlled persons to limit concentrated exposure in money market funds. These proposals follow comments received on the initial 2011 release and align with broader money market fund reforms adopted in 2014.
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