WASHINGTON (CN) - Certain money market funds whose share prices drop below a dollar may suspend shareholders' rights of redemption for the number of days it takes to sell off the fund and meet the redemption demands at the highest possible share price, according to a temporary Security Exchange Commission regulation.
The exemption is to allow each fund participating in the SEC's guaranteed liquidity program to liquidate in an orderly manner by preventing shareholders from making a run on the fund, driving down share prices.
Click the document icon on the front page for details and links to the regulations. The document icon under the "Marine Sanctuaries, SEC & More" heading leads to other new regulations.
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