SEC’s Release No. IC-31184 to Remove Credit Ratings from Money Market Fund Rule
Issued by the U.S. Securities and Exchange Commission (“the Commission”), Release No. IC-31184, Removal of Certain References to Credit Ratings and Amendment to the Issuer Diversification Requirement in the Money Market Fund Rule, was approved unanimously on July 23rd. The proposal aims to help the Commission lessen reliance on credit ratings in its rules due to the 2008 financial crisis. Among the changes proposed, most were part of Release No. 33-9408, Money Market Fund Reform, and relate to provisions in Rule 2a-7 of the Investment Company Act of 1940. The Dodd-Frank Act ordered regulatory groups to review rules that use. Read More.