Online from: 2000
Subject Area: Accounting and Finance
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|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|
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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