Phase Two of Money Market Fund Reform

There are important changes to Rule 2a-7, Form N-MFP and Form N-CR that go into effect on April 14, 2016, and have nothing to do with fees, gates, retail shareholders or floating NAVs. At this point, every fund should be prepared to submit revised procedures to its board of directors for review. If you're running a bit behind on this process, or if you want to double check the revised procedures before submitting them, you may want to refer to my recent article: Phase Two of Money Market Reform.