Money Market Fund Regulatory Resource Center

Visit this page regularly for the latest updates on money market fund reform.

  • Wells Fargo Advantage Funds announces changes to money market fund lineup 5-21-15 - Wells Fargo Advantage Funds today announced that its Board of Trustees preliminarily approved changes to its money market fund lineup to address the regulatory changes adopted by the U.S. Securities and Exchange Commission (SEC) in July 2014. These changes will become effective on or prior to October 14, 2016.
  • SEC releases list of questions and answers about reform 4-22-15 - The Securities and Exchange Commission has released answers to over 50 frequently asked questions about money market reform rules adopted in July of 2014.
  • Upcoming money market fund regulations 3-3-15 - The new amendments are the latest effort by the SEC since the 2008 financial crisis to “reduce the risk of runs in money market funds and provide important new tools that will help further protect investors and the financial system.” By implementing a floating NAV for institutional shareholders, the SEC aims to reduce the incentive for these shareholders to sell ahead of other shareholders in a crisis. Liquidity fees and redemption gates are designed to give money market fund boards more tools to use in the case of a future financial crisis. Finally, more in-depth disclosures, greater diversification, and enhanced stress-testing regulations are expected to also help avert potential systemic risk.
  • New rules for money market funds 12-23-14 - The U.S. Securities and Exchange Commission (SEC) voted in July 2014 to approve amendments to Rule 2a-7 of the Investment Company Act of 1940, which governs money market funds. The major changes—floating net asset values (NAVs) for institutional prime and tax-exempt funds, liquidity fees, and redemption gates—will take effect in October 2016.
  • Perspective paper: Our money market funds compare favorably with the new rules - August 2014 8-29-14 - When managing our money market funds, we seek to provide shareholders stability of principal and a high degree of liquidity. As we move toward implementation of the new rules required by the Securities and Exchange Commission (SEC), we believe our funds are prudently managed in a manner that reduces risks to shareholders and to the greater financial system—risks that the SEC intended to address with its recent amendments to money market fund regulations.
  • Overview of the SEC’s final amendments to money market fund regulations 7-23-14 - On July 23, 2014, the U.S. Securities and Exchange Commission (SEC) voted to approve amendments to Rule 2a-7 of the Investment Company Act of 1940, which governs money market funds. While the changes to Rule 2a-7 were announced this week, it is important to note that the SEC has allowed for the implementation of these changes to take place over a two-year period with final implementation required by late 2016.
  • Our comments on the recent SEC Division of Economic and Risk Analysis reports 4-23-14 - Wells Fargo Funds Management, LLC, submitted a comment letter in response to the analyses of money market fund-related data and economic literature conducted by the staff of the Securities and Exchange Commission's Division of Economic and Risk Analysis (DERA) and issued on March 24, 2014.
  • Joint industry letter to the SEC on money market reform proposed rule 10-31-13 - Wells Fargo Funds Managment, LLC, in conjunction with other money market fund industry firms, provided comments to the Securities and Exchange Commission on proposals for money market mutual fund reform. Each firm had previously submitted comments on the proposed rules. The joint letter discusses the exemption for retail money market mutual funds in the proposed rules, and collectively proposes an alternative definition for retail money market mutual funds.
  • Our response to the June 2013 SEC proposal 9-16-13 - Wells Fargo Funds Management, LLC, submitted a comment letter in response to the SEC's proposal for further money market fund regulations, which focused on requiring prime institutional money market funds to transact at a floating NAV and permitting the use of liquidity fees and redemption gates in times of stress. A summary of our position and recommendations can be found here.
  • Overview of the SEC's recommendations regarding money market fund regulations 6-6-13 - Yesterday, the SEC voted unanimously to issue a proposal for additional changes to money market mutual fund regulation. At this time, no rules or regulations regarding money market funds are changing. This vote represents the beginning of what is typically a lengthy process that includes a mandated period for public comment. The proposal includes two alternative reforms, which could be adopted separately or in combination.
  • Update on SEC's status regarding money market fund regulations 6-4-13 - The SEC announced that it will hold an open meeting on Wednesday, June 5, when they will consider a recommendation to propose additional regulations to govern money market mutual funds. This announcement signals that the commission is likely to propose further regulatory changes. At this time, however, no rules or regulations regarding money market funds are changing.
  • Comment letter submitted to the Financial Stability Oversight Council opposing its recommendations 1-17-13 - Wells Fargo Funds Management today submitted a comment letter to the Financial Stability Oversight Council (FSOC) opposing its recommendations to the SEC regarding changes to money market fund regulations. A summary of our positions outlined in the comment letter can be found here.
  • Changes to money market fund regulations still an open topic 10-8-12 - The focus has now moved from the SEC to the Financial Stability Oversight Council (FSOC), which was created in 2010 by the Dodd-Frank law as an interagency body charged with mitigating systemic risks to the financial system.
  • SEC will not vote on a proposal regarding changes to money market fund regulation 8-23-12 - On August 22, Securities and Exchange Commission (SEC) Chairman Mary Schapiro issued a statement indicating that, in light of the stated positions of a majority of the SEC Commissioners, the SEC will not call for a vote on a proposal to modify money market fund regulation.
  • The state of money market fund reform 4-10-12 - As you are undoubtedly well aware, money market fund reform continues to be a hot topic. It is difficult to pick up a newspaper these days without reading about the Securities and Exchange Commission's (SEC's) quest for additional changes to money market funds.
  • Money market reform update: Compliance 10-31-11 - The Wells Fargo Advantage Money Market Funds are in compliance with all transaction processing changes required by amended Rule 2a-7, effective October 31, 2011.
  • Joint comment letter proposing addition of NAV buffer to money market mutual funds 5-5-11 - On May 3, 2011, Wells Fargo Funds Management, LLC submitted a joint letter with Fidelity Management & Research Company and The Charles Schwab Corporation to the Securities and Exchange Commission (SEC) expressing support for the idea of adding a net asset value (NAV) buffer to money market mutual funds.
  • Response to SEC proposal to remove credit ratings 4-25-11 - On April 25, 2011, Wells Fargo Funds Management, LLC, submitted a comment letter to the Securities and Exchange Commission (SEC) providing comments on the proposal to remove references to credit ratings.
  • Response to President's Working Group on Financial Markets 1-11-11 - On January 10, 2011, Wells Fargo Funds Management, LLC, submitted a comment letter to the Securities and Exchange Commission (SEC) providing comments on the President's Working Group recommendations.
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