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Money Funds Get New Rules

SEC votes to require prime funds to adopt a floating net asset value.

By Dave Michaels, Bloomberg | Updated on July 23, 2014

The riskiest money-market mutual funds will be required to abandon their stable, $1-share value and allow their prices to float under rules adopted by the U.S. Securities and Exchange Commission.

The rules, approved today on a 3-2 vote, conclude a four-year struggle to toughen regulations after a run at one money fund during the 2008 credit crisis brought the $2.6 trillion industry to near-collapse, halted only by a federal backstop. Money-fund managers and other business groups largely opposed the new rules.

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