Securities and Exchange Commission September 25, 2015 – Federal Register Recent Federal Regulation Documents
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Removal of Certain References to Credit Ratings and Amendment to the Issuer Diversification Requirement in the Money Market Fund Rule
The Securities and Exchange Commission (``Commission'') is adopting certain amendments, initially proposed in March 2011 and re- proposed in July 2014, related to the removal of credit rating references in rule 2a-7, the principal rule that governs money market funds, and Form N-MFP, the form that money market funds use to report information to the Commission each month about their portfolio holdings, under the Investment Company Act of 1940 (``Investment Company Act'' or ``Act''). The amendments will implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd- Frank Act''). In addition, the Commission is adopting amendments to rule 2a-7's issuer diversification provisions to eliminate an exclusion from these provisions that is currently available for securities subject to a guarantee issued by a non-controlled person.
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