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ARTICLE · 31 JULY 2014

SEC Issues Money Market Fund Reform Rules

Orrick
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On July 23, the SEC adopted amendments to the rules that govern money market mutual funds.

United StatesFinance and Banking
Howard S. Altarescu
Howard S. Altarescu
Edward G. Eisert
Edward G. Eisert
Craig Johnston
Craig Johnston
Douglas S. Mintz
Douglas S. Mintz
Robert Moyle
Robert Moyle
Sushila Nayak
Sushila Nayak
Paul F. Rugani
Paul F. Rugani
Darren Teshima
Darren Teshima
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On July 23, the SEC adopted amendments to the rules that govern money market mutual funds.  The new rules require a floating net asset value (NAV) for institutional prime money market funds to fluctuate, which allows the daily share prices of these funds to fluctuate along with changes in the market-based value of fund assets.  This provides non-government money market fund boards with new tools— liquidity fees and redemption gates—to address the problem of investor runs.  With a floating NAV, institutional prime money market funds are required to value their portfolio securities using market-based factors and sell and redeem shares based on a floating NAV.  Release.  Final Rule.

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