On February 4, the Securities and Exchange Commission published a request for public comment (Comment Request) on potential reform measures to improve the resilience of money market funds, as highlighted in a report of the President’s Working Group on Financial Markets issued in December 2020 (Report).
Continue Reading SEC Requests Comment on Potential Money Market Fund Reform Options Highlighted in President’s Working Group Report
Money market funds
Brexit: HMT Consults on Overseas Retail Funds Regime
On March 11, HM Treasury (HMT), the office of the United Kingdom (UK) government responsible for financial services legislation, published a consultation paper on a regime which would allow overseas retail funds to access the UK (the Consultation).
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SEC Updates to Form PF FAQs
By David Y. Dickstein & Ayah K. Sultan on
Posted in SEC/Corporate
On January 18, the Securities and Exchange Commission’s Division of Investment Management updated its Form PF FAQs. Registered investment advisers managing private funds with at least $150 million in private fund assets under management are required to complete and file a Form PF. The new FAQs provide additional guidance on the form regarding both general…
CFTC Addresses Application of MMF No-Action Letter
By Kevin M. Foley on
Posted in CFTC, Derivatives
On October 18, the Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight (Division) released an interpretive advisory for futures commission merchants (FCMs) that addressed implementation of a recent no-action letter regarding investments in money market funds (MMFs).
Recent changes to Securities and Exchange Commission rules would have prohibited FCMs from investing customer funds in MMFs that invest primarily in corporate debt securities (Prime MMFs), or MMFs that invest primarily in US government securities and that voluntarily elect to be subject to liquidity fees or redemption restrictions (Electing Government MMFs).
Continue Reading CFTC Addresses Application of MMF No-Action Letter