Investment Funds Update

SEC Adopts New Rule Amendments for Money Market Funds and Form PF Reporting Requirements for Large Liquidity Fund Advisers

July 20, 2023

On July 12, a divided Securities and Exchange Commission (SEC) stopped short of requiring swing pricing on money market funds but tightened liquidity requirements and imposed mandatory redemption fees on certain institutional funds. The SEC said the new rules were designed to “improve the resilience of money market funds during times of market stress while preserving the benefits that investors have come to expect from these funds.” The final amendments are summarized in this Sidley Update.

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