At a meeting on July 12, 2023, the U.S. Securities and Exchange Commission (SEC), in a 3-2 vote, adopted amendments to Rule 2a-7 under the Investment Company Act of 1940 that impact the operation and management of money market funds.1 This client alert will address the new reporting and disclosure obligations adopted as part of the SEC’s rulemaking package. For information on other portions of the rulemaking package, including the modified liquidity fee framework adopted by the SEC, please see our separate client alert on the SEC’s money market fund rulemaking package. Please let our money market fund team know if you have any questions about the rulemaking package or this alert. Read more....
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