FYI: (This is a follow-up article)
Two years after the Securities and Exchange Commission voted to impose new rules on money market funds aimed at cutting the risk of a mass exodus out of the funds during a financial panic, a key reform took effect today. It is the conversion of institutional prime and tax-free funds to a floating net asset value, from a stable NAV.
Floating NAV means the funds will be priced based on the value of holdings, rounded to the fourth decimal point.
That switch is the final step in the reforms imposed by the SEC in 2014. Inside the money fund industry, those funds are known technically as 2a-7 funds.
Regards,
Ted
http://www.investors.com/etfs-and-funds/mutual-funds/do-the-new-sec-money-market-fund-rules-impact-you-only-if-youre-very-rich/
