US Federal Reserve and SEC Provide Further Relief and Guidance to Money Market Funds Affected by COVID-19 Market Developments

The Board of Governors of the Federal Reserve System has taken additional measures following the launch of the Money Market Mutual Fund Liquidity Facility to address continuing liquidity concerns for securities held by money market mutual funds (“MMFs”) resulting from market conditions related to the recent COVID-19 outbreak. This Legal Update provides a summary of these measures.