A money market fund is a mutual fund that invests in short-term, high-grade fixed-income securities, and seeks the highest level of income consistent with preservation of capital (i.e., maintaining a stable share price). In June 2013, the U.S. Securities and Exchange Commission (SEC) voted to proceed with substantial regulatory changes to money market funds, following a set of reforms adopted in 2010. The SEC adopted a final rule in July 2014 that will impose significant structural changes across the industry, particularly on money market funds used by institutional investors.
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IDC’s memos inform directors about important regulatory, legislative, and judicial developments. IDC also comments on proposals that could affect board responsibilities or shareholder interests. See below for recent comment letters and memos on selected topics.