Money Market Funds Advisory Content

This attached draft memorandum for your review summarizes an approach for addressing tax issues that would arise if a stable-NAV money market fund used the reverse distribution mechanism (RDM) in a negative yield environment. RDM allows a fund to prevent NAV declines attributable to...

On January 17, 2024, Investment Company Institute (ICI) submitted comments to the Commodity Futures Trading Commission (CFTC) regarding its proposed amendments to Regulation 1.25 under the Commodity Exchange Act (CEA), which specifies permitted investments ("Permitted Investments") by...

On November 3, the Commodity Futures Trading Commission (CFTC or "Commission") issued proposed amendments ("Proposal") to its rules governing the safeguarding and investment of funds deposited by customers to margin futures, foreign futures, and cleared swap transactions ("Customer...

On December 13, the SEC adopted a final rule to mandate central clearing and settlement of certain secondary market transactions in US Treasury securities—cash Treasuries and Treasury repo and reverse repo—in which one of the counterparties is a direct participant of a covered...

On December 6, 2023, the UK HM Treasury (HMT) and Financial Conduct Authority (FCA) each published consultations on money market fund (MMF) reform to replace the retained EU law related to MMFs with a new framework, specifically designed for the UK. The HMT published a policy note and...

Attached is a copy of ICI's comment letter as filed to the SEC on FINRA's proposed rule change to disseminate transaction-level data in US Treasury securities that are On-the-Run Nominal Coupons on an end-of-the-day basis.

Attached for your review is ICI's draft comment letter to FINRA's proposed rule change to disseminate transaction-level data in US Treasury securities that are On-the-Run Nominal Coupons on an end-of-the-day basis. ICI plans on filing the letter to the SEC by COB this Friday, December...

On November 27, 2023, the Securities and Exchange Commission (SEC or "Commission"), on a 4-1 vote by seriatim, adopted Rule 192 ("Final Rule") under the Securities Act of 1933 ("Securities Act"), which implements the prohibition under Section 621 of the Dodd-Frank Act on material...

On November 3, the Commodity Futures Trading Commission (CFTC or "Commission"), by seriatim, issued proposed amendments ("Proposal") to its rules governing the safeguarding and investment of funds deposited by customers to margin futures, foreign futures, and cleared swap transactions...

On November 3, FINRA filed a proposed rule change with the SEC to amend its rules to allow it to disseminate transaction-level data in US Treasury securities that are On-the-Run Nominal Coupons on an end-of-the-day basis. Comments on the proposal are due on Thursday, November 30, 2023...