In This Presentation:

- Introduction

- Post 2008 Regulatory History

- Classifying Money Market Funds

- Floating Nav

- Liquidity Fees And Redemption Gates

- Liquidity Fees

- Redemption Gates

- Liquidity Fees And Redemption Gates: Board Considerations

- Government And Retail Money Market Funds

- Valuation Guidance

- Enhanced Disclosure Requirements

- Modified Diversification Requirements

- Enhanced Stress Testing

- Related Rule Proposals

- Compliance Dates

- Excerpt from Post 2008 Regulatory History:

- 2010

-SEC adopted a number of amendments to rule 2a-7 designed to make MMFs more resilient by requiring higher credit quality of holdings, reduced maturities, greater liquidity, stress testing, new disclosure on Form N-MFP and shadow pricing

-Dodd-Frank Wall Street Reform and Consumer Protection Act creates the Financial Stability Oversight Council

-President’s Working Group of Financial Markets recommends several policy options to further reform Money Market Funds to prevent destabilizing runs and further contagion on the broader economy...