Jonathan Blaha

Aug 3, 2023 | jdsupra.com | Jonathan Blaha |Brenden Carroll |Stephen Cohen

The Securities and Exchange Commission, by a vote of 3 to 2, approved significant changes to Rule 2a-7 and other rules that govern money market funds under the Investment Company Act of 1940 on July 12, 2023. Among other things, the SEC: adopted a new mandatory liquidity fee framework under Rule 2a-7 for institutional prime and institutional tax‑exempt money market funds in lieu of the proposed swing pricing framework;... Please see full Insight below for more information.

Jul 13, 2023 | jdsupra.com | Jonathan Blaha |Brenden Carroll |Stephen Cohen

Today, the Securities and Exchange Commission, by a vote of 3 to 2, approved amendments to Rule 2a-7 and other rules that govern money market funds under the Investment Company Act of 1940 (Amendments).1 Among other things, the Amendments: remove redemption gates from Rule 2a-7 and the tie between the weekly liquid assets threshold and liquidity fees; institute a new mandatory liquidity fee framework for institutional prime and institutional tax-exempt money market funds in lieu of the...