The SEC's money market reform

The SEC's money market reform

A big impact on money funds

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The U.S. Securities and Exchange Commission (SEC) recently adopted rules designed to reduce the risk of investor runs on money market funds in times of financial crises, and increase the transparency of risks to investors. “The reforms mayhave a significant impact on all money market funds, but particularly on institutional prime money market funds,” stated Chad Gazzillo, Audit partner with KPMG LLP (KPMG).

All of the changes are being phased in over time, with the floating NAV and liquidity fee/redemption gate provision staking effect in October 2016 (see Compliance Dates sidebar on page 4).

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