SEC Extends Delay on Money Market Fund Trade Confirmations
Published Date: 2/28/2025
Notice
Summary
The SEC is extending a special rule that lets brokers send monthly, instead of immediate, transaction info for certain money market fund trades. This helps brokers and investors by keeping things simple without extra fees or delays. The extension keeps the process smooth and saves time, with no extra costs, starting now and continuing for a while.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Monthly Confirmations for Money Market Trades
If you hold certain money market funds that attempt to keep a stable net asset value and charge no sales load or redemption fee, your broker may send transaction confirmations monthly instead of immediately. To use this exemption, the broker must give you an initial written notice that you may request immediate confirmations and must not receive any request from you for immediate confirmations.
Small Compliance Burden for Broker-Dealers
The Commission estimates about 206 broker-dealers would be responsible for providing the ongoing notifications, with an estimated ongoing burden of approximately 1.8 hours per broker-dealer per year (about 371 hours total annually). The agency describes this ongoing notification cost as minimal, roughly 5% of the initial estimated burden.
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