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As a result of the Reserve Fund breaking the buck in 2008, the SEC enacted reform to Rule 2a-7 of the Investment Company Act of 1940 (the 1940 Act).
Then, the first historic low interest rates were followed by rising rates. Together, these factors have created a unique situation for boards and management charged with benchmarking money market funds over the past year.
Broadridge has worked with our 15(c) clients to overcome and get ahead of benchmarking challenges associated with shifts in the number of funds, where they invest and who can invest, along with rising rates reducing the need to waive expenses. In this white paper, we examine Rule 2a-7 reform and rising interest rates and what they mean to the board.
