Money Market Funds Advisory Content

The Internal Revenue Service (IRS) today issued guidance requested by the ICI that will exempt from the wash sale rule any loss incurred by a shareholder in a money market fund with a stable net asset value (NAV). We requested this guidance because liquidity fees imposed by such funds...

As previously reported, the SEC and the CFTC recently proposed amendments to the rules for covered clearing agencies (CCAs) and derivatives clearing organization (DCOs),1 respectively, related to resiliency, and recovery and wind-down plans (RWPs).2 Yesterday, ICI filed the attached...

The SEC and CFTC (collectively, the "agencies") recently approved proposals by the Fixed Income Clearing Corporation (FICC) and CME Group, respectively, to amend and restate the cross-margining arrangement between FICC and CME Group (the "Restated Arrangement"). The Restated Agreement...

ICI has requested guidance, in the attached letter, from the Treasury Department and Internal Revenue Service (IRS) on two liquidity fee-related tax issues for money market funds (MMFs).

On July 20th, the European Commission (Commission) published a report on the adequacy of the Money Market Fund Regulation (MMFR), which has been in application in the EU since January 2019.

The attached draft letter to US Treasury and IRS officials requests guidance on two liquidity fee-related tax issues for money market funds that arise from the new SEC rule. The ICI discussed these issues, and one involving the reversed distribution method (RDM), recently with the...

On July 12, 2023, the Securities and Exchange Commission, in a 3-2 party-line vote, adopted amendments to Rule 2a-7 and certain other rules that govern money market funds under the Investment Company Act of 1940. According to the SEC's adopting release (Release), the amendments are...

ICI is pleased to announce publication of its white paper, Reaching the Debt Limit: Certain Fund Operational and Legal Considerations. If the US debt limit is not increased in a timely and orderly fashion, the US Government may be considered in default on its obligations as they...

On March 27, ICI filed a comment letter on the SEC's re-proposal of a rule that was initially proposed in September 2011 to implement the prohibition under Section 621 of the Dodd-Frank Act on material conflicts of interest in connection with certain securitizations (the "Re-Proposed...