Memo #
29846

Money Market Fund Reform Implementation Resource Center Update--New Policy and Forms Available
| Print

[29846]

April 20, 2016

TO: 4-DECIMAL NAV CALCULATION WORKING GROUP
ACCOUNTING/TREASURERS COMMITTEE No. 8-16
BANK, TRUST AND RETIREMENT ADVISORY COMMITTEE No. 13-16
BROKER/DEALER ADVISORY COMMITTEE No. 13-16
INTRADAY PROCESSING WORKING GROUP
LIQUIDITY FEES/REDEMPTION GATES WORKING GROUP
MONEY MARKET FUNDS ADVISORY COMMITTEE No. 10-16
MUNICIPAL SECURITIES ADVISORY COMMITTEE No. 6-16
OPERATIONS COMMITTEE No. 10-16
RETAIL VS. INSTITUTIONAL CUSTOMER WORKING GROUP
SMALL FUNDS COMMITTEE No. 13-16
TRANSFER AGENT ADVISORY COMMITTEE No. 17-16 RE: MONEY MARKET FUND REFORM IMPLEMENTATION RESOURCE CENTER UPDATE--NEW POLICY AND FORMS AVAILABLE

 

For the last several months, a small working group of members and outside counsel have reviewed issues relating to the oversight of intermediaries under amendments to Rule 2a‑7. As a result of these efforts, the working group created a memo explaining the various actions a money market fund may take to ensure that its intermediaries are implementing the fund’s policies and procedures in compliance with the amendments. The working group also created a package of sample form documents to assist members in this regard. These include:

  • an annotated prototype of policy and procedures for retail money market funds;
  • a form amendment to amend existing agreements among intermediaries, distributors, and funds;
  • a form certification regarding beneficial ownership of retail money market funds; and
  • a form notice to serve as a reminder regarding intermediaries’ responsibilities with respect to retail money market funds.

All of the documents are available on ICI’s Money Market Fund Implementation Resource page at https://www.ici.org/ops_mmf_reform.

 

Jane G. Heinrichs
Associate General Counsel