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ARTICLE · 18 JULY 2023

SEC Adopts Amendments To Money Market Fund Rules

Herbert Smith Freehills Kramer LLP
Herbert Smith Freehills Kramer LLP
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Herbert Smith Freehills Kramer LLP

Herbert Smith Freehills Kramer LLP

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On July 12, the Securities and Exchange Commission (Commission) adopted amendments to Rule 2a-7 governing money market funds under the Investment Company Act of 1940 (1940 Act).

United StatesStrategy
George Silfen
George Silfen
Nathan E. Wolfe
Nathan E. Wolfe
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On July 12, the Securities and Exchange Commission (Commission) adopted amendments to Rule 2a-7 governing money market funds under the Investment Company Act of 1940 (1940 Act). The amendments will increase minimum liquidity requirements for money market funds, remove provisions from the current rule permitting money market funds to temporarily suspend redemptions through a "redemption gate" and allow money market funds to impose liquidity fees if their weekly liquid assets fall below a certain threshold. The amendments were spurred by the liquidity crisis of March 2020, during which nongovernment money market funds experienced significant outflows.

Notably, in response to industry pushback, the amendments do not include a swing pricing requirement, as was initially proposed. Instead, they include a modified liquidity fee framework, as summarized below, with other key aspects of the amended requirements.

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