The Securities and Exchange Commission adopted a rule late Sept. 16 to remove references to credit rating agencies in a rule and a form related to money market funds.
Section 939A of the Dodd-Frank Act required the SEC to review and remove references to those agencies as it deemed appropriate. Puffed up ratings by agencies on risky and junk securities were a significant cause of the financial crisis of the late 2000s.
Rule 2a-7 and Form N-MFP are affected by the SEC action.
“Reducing reliance on credit ratings to determine which securities money market funds can hold is an important ...
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