PHILADELPHIA –Stradley Ronon partners Sara P. Crovitz and Jamie M. Gershkow and the Investment Company Institute’s Associate General Counsel Jane Heinrichs hosted a webcast on January 13 discussing the U.S. Securities and Exchange Commission (SEC) proposed amendments to its rules governing money market funds that, if adopted, will impact how all money market funds operate. The panelist discussed how the amendments would:
- eliminate liquidity fee and redemption gate provisions in Rule 2a-7 for all money market funds;
- increase liquidity requirements for money market funds;
- require implementing swing pricing policies and procedures for institutional prime and institutional tax-exempt money market funds;
- prohibit certain mechanisms for maintaining a stable net asset value per share in negative interest rate environments, such as through reverse distribution mechanisms; and
- increase SEC reporting requirements.
To watch the webcast replay, please click here. Crovitz and Gershkow, along with other members of the firm’s leading investment management group, also developed a client alert outlining the key facts of the reforms.
Crovitz provides counsel on all aspects of investment company and investment adviser regulation, including serving on teams counseling mutual funds, money market funds and ETFs, as well as independent trustees of a number of registered investment companies. She also counsels several funds and investment advisers in connection with SEC compliance and examinations, regulations and guidance. Before joining the firm, Crovitz had more than 20 years of experience at the SEC.
Gershkow focuses her practice on advising investment companies, independent trustees and investment advisers on regulatory and compliance matters and the applicability and interpretation of securities laws. She frequently counsels on the formation, registration, and ongoing compliance of investment companies, including exchange-traded funds (ETFs), money market funds, and multi-manager funds; and prepares and reviews critical documents such as registration statements, proxy solicitation materials, shareholder reports, exemptive applications, compliance policies and procedures, and board reports. Gershkow assists money market fund clients in addressing the many varied matters impacting money market fund management, operations, and compliance, including recent regulatory developments regarding proposed amendments to Rule 2a-7.
About Stradley Ronon
Counseling clients since 1926, Stradley Ronon has helped private and public companies – from small businesses to Fortune 500 corporations – achieve their goals by providing pragmatic, value-driven legal counsel. With offices in seven strategic locations, our responsive team of more than 200 attorneys seamlessly addresses the full spectrum of our clients’ needs, ranging from sophisticated corporate transactions to complex commercial litigation.