SEC Alert! Special filing via Sunshine Act Meeting for an OPEN Meeting on Wednesday, July 12, 2023 at 10a.m. SEC will consider whether to seek comment on whether similar daily reserve computation requirements should apply to broker-dealers
Source: https://public-inspection.federalregister.gov/2023-14559.pdf
MATTERS TO BE CONSIDERED:
- The Commission will consider whether to adopt amendments to certain rules that govern money market funds and related form amendments. The Commission will also consider whether to adopt amendments to Form PF to revise reporting requirements for large liquidity fund advisers, as well as certain technical amendments to other forms.
- The Commission will consider whether to propose amendments to the broker-dealer customer protection rule to require certain broker-dealers to compute their customer and broker-dealer reserve deposit requirements daily rather than weekly. The Commission also will consider whether to seek comment on whether similar daily reserve computation requirements should apply to broker-dealers and security-based swap dealers with respect to their security-based swap customers.
TLDRS:
- Special filing via Sunshine Act Meeting for an OPEN Meeting on Wednesday, July 12, 2023 at 10a.m.
The SEC is mulling over changes to the rules for money market funds.
- This includes updating the reporting requirements for advisors to liquidity funds.
- They're also considering tweaking some other forms.
- This could shake up how these funds operate and how their activities are reported.
They're also thinking about requiring some broker-dealers to calculate their reserves for both customer and their own operations on a daily basis, instead of weekly.
- This could mean broker-dealers need to keep a closer daily watch on their funds.
- They're also considering whether these daily calculations should be a thing for broker-dealers and security-based swap dealers for their security-based swap customers.
