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Legal Update

US SEC Adopts Amendments to Rule 2a-7 Affecting Money Market Funds

7 April 2010
Mayer Brown Legal Update
On January 27, 2010, the US Securities and Exchange Commission (SEC), by a 4-1 vote, adopted amendments to Rule 2a-7 under the Investment Company Act of 1940, as amended (the “1940 Act”).1 Rule 2a-7 (the “Rule”) imposes quality, liquidity, and other requirements on any registered investment company that holds itself out to the public as a “money market fund.” Compliance with the amended Rule will be phased in over time as described further below.


  • Leslie S. Cruz
    T +1 202 263 3337
  • Carol A. Hitselberger
    T +1 704 444 3522
  • Jason H. P. Kravitt
    Senior Counsel
    T +1 212 506 2622
  • Stuart M. Litwin
    T +1 312 701 7373
  • Stephanie M. Monaco
    T +1 202 263 3379
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