[Federal Register Volume 61, Number 161 (Monday, August 19, 1996)]
[Rules and Regulations]
[Page 42786]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-21056]
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SECURITIES AND EXCHANGE COMMISSION
17 CFR Parts 230, 239, 270, and 274
[Release Nos. 33-7320; IC-22135; S7-34-93]
RIN 3235-AE17
Revisions to Rules Regulating Money Market Funds
AGENCY: Securities and Exchange Commission.
ACTION: Final rule; suspension of compliance date.
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SUMMARY: The Commission is suspending the compliance date set forth in
a final rule, which contains amendments to rules and forms that govern
money market funds.
EFFECTIVE DATES: The effective date for the rule and form amendments
published on March 28, 1996 (61 FR 13956) remains June 3, 1996.
Effective August 19, 1996, the compliance date with respect to certain
of the amendments adopted in that rule is suspended. The Commission
will publish in the Federal Register a document notifying the public of
a new compliance date.
FOR FURTHER INFORMATION CONTACT: Marjorie S. Riegel, Senior Counsel,
Office of Chief Counsel (202) 942-0727, Division of Investment
Management, Securities and Exchange Commission, 450 Fifth Street, NW.,
Washington, DC 20549.
SUPPLEMENTARY INFORMATION: The Commission is suspending the compliance
date in connection with amendments to rules 2a-7, 2a41-1, 12d-3 and
31a-1 [17 CFR 270.2a-7, 270.2a41-1, 270.12d-3 and 270.31a-1] under the
Investment Company Act of 1940 [15 U.S.C. 80a-1, et seq.] (the ``March
Amendments'').1 Section V.A of the release adopting the March
Amendments (the ``March Release'') provided that money market funds
would be required to comply with certain of the March Amendments by
October 3, 1996.2 The Commission anticipates that it will be
proposing technical amendments (``Technical Amendments'') to certain of
the March Amendments, which are not expected to be adopted before
October 3, 1996. Therefore, the Commission is suspending the October 3,
1996 compliance date, and will establish a new compliance date for the
March Amendments subject to Section V.A.3 This new compliance date
will be published in the Federal Register in connection with the
adoption of the Technical Amendments.4 The compliance date with
respect to certain of the March Amendments adopted in 61 FR 13956 is
suspended effective upon publication of this release in the Federal
Register because such suspension ``grants or recognizes an exemption or
relieves a restriction.'' 5
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\1\ See Investment Company Act Rel. No. 21837 (Mar. 21, 1996)
[61 FR 13956 (Mar. 28, 1996)].
\2\ Id.
\3\ Money market funds may comply with any of the amendments or
rules adopted in the March Release prior to the new compliance date.
See Section V.A. of the March Release.
\4\ Section V.B of the March Release ``grandfathered'' certain
securities by providing that money market funds could continue to
purchase such securities issued on or before June 3, 1996 (the
``Grandfathering Date''). The Commission intends to publish in the
Federal Register a new Grandfathering Date for securities of the
type described in Section V.B of the March Release. Such securities
issued prior to the new Grandfathering Date may continue to be
purchased and held by money market funds relying on the rule.
\5\ 5 U.S.C. 553(d)(1).
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The Commission notes that Section V.C of the March Release set
forth compliance dates for certain disclosure, advertising and
reporting requirements for money market funds. These requirements will
not be affected by the Technical Amendments. The Commission is not
suspending the compliance dates for these requirements, and all money
market funds are required to comply with these requirements by the
compliance dates set forth in the March Release.
Dated: August 13, 1996.
By the Commission.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-21056 Filed 8-16-96; 8:45 am]
BILLING CODE 8010-01-P
