The SEC has adopted an interim final temporary rule, Rule 30b1-6T, requiring money market funds with a market-based NAV that falls below $0.9975 to provide certain portfolio holdings information to the SEC. This reporting requirement is similar to the reporting requirement for funds that participated in the Temporary Guarantee Program, which expired September 18, 2009, the same day that Rule 30b1-6T became effective.
Under the new interim final temporary rule, money market funds must e-mail (no later than the next business day after the fund’s NAV falls below $0.9975 and, thereafter, weekly until the NAV is greater than $0.9975):
With respect to the fund and classes thereof
- The name of the money market fund and class;
- The fund’s SEC file number;
- The net asset value per share used to effect shareholder transactions;
- The most recent market-based NAV (including the value of any capital support agreement);
- The most recent market-based NAV (excluding the value of any capital support agreement);
- The date as of which the most recent market-based NAV was calculated;
- The total assets of the fund;
- The total net assets of the fund; and
- The number of shares outstanding.
With respect to each security held
- The name of the security;
- The CUSIP number (if any);
- The principal amount;
- The maturity date as determined under Rule 2a-7;
- The final maturity date, if different from the maturity date as determined under Rule 2a-7;
- The categorization of the security’s status as a “First Tier Security,” “Second Tier Security” or a security that is no longer an “Eligible Security” under Rule 2a-7;
- The most recent market-based price (including the value of any capital support agreement), or appropriate substitute for such price;
- The most recent market-based price (excluding the value of any capital support agreement), or appropriate substitute for such price;
- The amortized cost value of the security; and
- In the case of a tax-exempt security, whether there is a demand feature.
Funds may encrypt the e-mail sent to the SEC, and all information provided will be kept nonpublic to the extent permitted by law. Rule 30b1-6T is effective September 18, 2009, through September 17, 2010. Comments on this rule should be sent to the SEC on or before October 26, 2009.