5.01 As will be discussed in more detail later in this chapter, the nature of money market fund regulation is a matter of significant public interest and debate.2 Much of this discussion has focused on Rule 2a-73 under the Investment Company Act of 1940, as amended (the ‘Investment Company Act’),4 presently the single most important regulatory construct applicable to money market funds. Historically, discussions about Rule 2a-7 focused solely on whether or not the rule adequately protects investors seeking stability of principal. In more recent years, however...
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