News & Analysis as of

Securities and Exchange Commission (SEC) Money Market Funds

Vedder Price

SEC Staff Provides Guidance on Issues Related to Website Posting Requirements

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On January 16, 2025, the staff of the Disclosure Review and Accounting Office of the SEC’s Division of Investment Management issued an Accounting and Disclosure Information (ADI) publication to highlight issues the SEC staff...more

Seward & Kissel LLP

SEC Staff Issues New Names Rule FAQs

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Who may be interested: Registered Investment Companies; Compliance Officers - Quick Take: The staff of the Division of Investment Management (Staff) of the SEC recently issued responses to frequently asked questions (FAQs)...more

K&L Gates LLP

US Asset Management Regulatory Year in Review 2023

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It is a dramatic understatement to describe 2023 as a busy year in the United States for asset management regulation. With 24 rules adopted and 18 new rules or rule amendments proposed, the US Securities and Exchange...more

Carlton Fields

Expect Focus - Volume III, September 2023

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Regulators Hit Jackpot: Off-Channel Communications - Several years before announcing the first “off-channel” communications enforcement action, the SEC and FINRA cautioned broker-dealers and investment advisers about...more

Carlton Fields

SEC Folds on Swing Pricing for Money Market Funds: Odds Lengthen Against Swing Pricing for Other Fun

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On July 12, the SEC adopted, on a 3–2 party line vote, so-called money market fund reforms. The reforms substitute a required redemption (liquidity) fee for proposed “swing pricing” for certain institutional money market...more

K&L Gates LLP

A Deep Dive into Money Market Fund Liquidity Fees

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Executive Summary - On 12 July 2023, the Securities and Exchange Commission (the SEC) adopted amendments to Rule 2a-7 under the Investment Company Act of 1940, as amended (the 1940 Act) (the Final Rule), which governs the...more

Nutter McClennen & Fish LLP

Nutter Bank Report: July 2023

The Federal Reserve has announced that its FedNowSM Service, a new interbank settlement service with clearing functionality to support instant payments, went live on July 20 with 35 early-adopting banks and credit unions. The...more

Seward & Kissel LLP

SEC Adopts Money Market Fund Reforms

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Who may be interested: Registered Investment Companies; Investment Advisers - Quick Take: The SEC adopted amendments to Rule 2a-7 governing money market funds under the Investment Company Act to improve the transparency...more

Goodwin

Financial Institution Diversity Voluntary Self-Assessments: Due September 30

Goodwin on

Financial Institution Diversity Voluntary Self-Assessments: Due September 30 - On July 13, the FDIC issued a financial institution letter announcing that FDIC-supervised financial institutions are encouraged to...more

Goodwin

SEC Adopts Reforms for Money Market Funds

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On July 12, 2023, the US Securities and Exchange Commission ("SEC") voted, by a 3-2 vote, to adopt money market fund reforms that will significantly impact the regulatory framework governing money market funds ("money funds"...more

Morgan Lewis

SEC Adopts Further Money Market Fund Reforms

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The US Securities and Exchange Commission (Commission) adopted amendments to the rule governing money market funds on July 12, 2023 in an attempt to address concerns about institutional prime and institutional tax-exempt...more

K&L Gates LLP

Out With the Old, in With the New – SEC Scraps Swing Pricing Proposal, Removes Redemption Gates, and Mandates Liquidity Fees for...

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In a surprising change, the SEC heeded the cacophony of opposition to swing pricing, but instead threw the industry a curveball by requiring mandatory liquidity fees for institutional prime and institutional tax-exempt money...more

Patterson Belknap Webb & Tyler LLP

SEC Moves to Strengthen Money Market Funds

On July 12, 2023, in a closely-watched meeting, the Securities and Exchange Commission approved new requirements on the $5.8 trillion money market fund (MMF) industry, a popular class of mutual funds that balance high...more

Herbert Smith Freehills Kramer

SEC Adopts Amendments to Money Market Fund Rules

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). ...more

Mayer Brown Free Writings + Perspectives

SEC Open Meeting on Money Market Reforms

The Securities and Exchange Commission announced that it will hold an open meeting on July 12 to consider a number of matters, including money market reforms. At the end of 2021, the SEC had proposed extensive changes to the...more

Lowenstein Sandler LLP

Gensler Warns of Increased SEC Requirements for Private Funds

On May 25, 2023, Gary Gensler, Chairperson of the U.S. Securities and Exchange Commission (SEC), spoke at an Investment Company Institute leadership conference and discussed SEC proposals that address potential instability in...more

Mayer Brown Free Writings + Perspectives

Investment Management SEC Updates

On July 26, 2022, William Birdthistle, the Director of the Division of Investment Management of the US Securities & Exchange Commission (“SEC”), gave remarks at the Practising Law Institute’s annual Investment Management...more

K&L Gates LLP

Proposed Money Market Fund Reforms Related to Negative Interest Rates Favor Conversion to Floating NAV and Prohibit Other...

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On 15 December 2021, the Securities and Exchange Commission (the SEC) proposed amendments to Rule 2a-7 under the Investment Company Act of 1940, as amended (the 1940 Act) (the Proposed Rule), which governs the structure and...more

WilmerHale

SEC Proposes Significant Amendments to Form PF and One-Business-Day Reporting Requirements

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On January 26, 2022, the Securities and Exchange Commission (SEC) proposed amendments to private fund reporting rules that would increase the information required to be reported to the SEC on Form PF and the frequency of...more

Alston & Bird

SEC Proposes Amendments to Enhance Private Fund Reporting

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Private equity funds could find themselves with much greater logistical reporting burdens if the Securities and Exchange Commission’s proposed amendments to Form PF are finalized. Our Securities Group and Investment...more

K&L Gates LLP

SEC Proposes Swing Pricing for Institutional Money Market Funds

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SECTIONS - I. Introduction - II. Key Requirements for Swing Factor Implementation - III. When a Swing Factor Must Be Applied - IV. Calculation of the Swing Factor - V. The President’s Working Group 2020 White Paper and Prior...more

Faegre Drinker Biddle & Reath LLP

Money Market Funds: The SEC Seeks Comments for Proposed Rule Amendments

On December 15, 2021, the Securities and Exchange Commission (SEC) voted (three-two) to propose amendments to rules regulating money market funds under the Investment Company Act of 1940, which are designed to increase the...more

Morgan Lewis

SEC Proposes New Amendments to Money Market Fund Rules

Morgan Lewis on

The US Securities and Exchange Commission (SEC) recently proposed amendments (Amendments) to its rules governing money market funds. The Amendments are intended to incorporate lessons learned from the COVID-19-related market...more

Goodwin

SEC Proposes New Round of Money Market Fund Reforms

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On December 15, 2021, the U.S. Securities and Exchange Commission (the “SEC”) voted, by a 3-2 vote, to propose money market fund reforms that would significantly impact the regulatory framework governing money market funds...more

K&L Gates LLP

SEC Proposes Another Round of Money Market Fund Reforms

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I. EXECUTIVE SUMMARY - On 15 December 2021, the Securities and Exchange Commission (the SEC) proposed amendments to Rule 2a-7 under the Investment Company Act of 1940, as amended (the 1940 Act) (the Proposed Rule), which...more

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