Money-Market Funds Brace for Biggest Regulatory Revamp in Years

The money-market industry is gearing up for its biggest overhaul in years.

Conference rooms are being reserved and snacks stockpiled as participants in the $5.5 trillion space await the US Securities and Exchange Commission’s vote Wednesday on rules reshaping the money-market industry for the third time since 2008.

That’s when the Reserve Primary Fund, the original money market fund first created in 1970, was forced to reprice its shares below $1, in a shift that became known as “breaking the buck,” after investors pulled $40 billion in just two days.

While proposed changes were revealed more than 18 months ago, ...