The staff of the Securities and Exchange Commission (Commission) has issued a no-action letter to the Investment Company Institute stating that it would not recommend that the Commission institute an enforcement action under section 2(a)(41) of the Investment Company Act of 1940 (1940 Act) if a money market fund board did not designate nationally recognized statistical rating organizations (NRSROs) or make related disclosures in its statement of additional information (SAI) before the Commission has completed its review of rule 2a-7 required by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).

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Source: Investment Management Alert
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