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Journal of Investment Compliance
ISSN: 1528-5812
Online from: 2000
Subject Area: Accounting and Finance
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SEC provides details on amendments to money market fund rules
| Title: | SEC provides details on amendments to money market fund rules |
|---|---|
| Author(s): | John Hunt, (Senior Counsel at Goodwin Procter LLP, Boston, Massachusetts, USA) |
| Citation: | John Hunt, (2010) "SEC provides details on amendments to money market fund rules", Journal of Investment Compliance, Vol. 11 Iss: 2, pp.31 - 35 |
| Keywords: | Laws and legislation, Securities markets, United States of America |
| Article type: | General review |
| DOI: | 10.1108/15285811011056367 (Permanent URL) |
| Publisher: | Emerald Group Publishing Limited |
| Abstract: | Purpose – The purpose of this paper is to provide a detailed discussion of the SEC's recent amendments to Rule 2a-7 and other rules under the Investment Company Act of 1940 that affect money market funds, as approved by the Commission on January 27, 2010. Design/methodology/approach – The paper reviews the principal changes to the 1940 Act's money market fund rules; discusses the new obligations the Amendments impose on money market fund boards of directors as well as the new policies the Amendments require funds to adopt; reviews the various compliance dates for the Amendments. Findings – The Amendments reflect three categories of changes to the rules governing money market funds: changes to Rule 2a-7’s risk limiting conditions governing a fund portfolio's maturity, credit quality, diversification and liquidity; changes relating to operational aspects of money market funds; and new disclosure requirements. Originality/value – The paper provides practical guidance by an experienced securities lawyer. |
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