The SEC has adopted amendments to rules governing money market funds under the 1940 Investment Company Act, which are intended to address risks that became apparent during the 2007-2009 financial crisis as well as other reforms that certain regulators have sought for some time. The amendments seek to prevent runs on money market funds similar to those that occurred in 2008. At the same time, the amendments seek to preserve the benefits of money market funds. The amended rules address issues such as floating NAVs for certain funds, redemption fees and gates, portfolio diversification requirements, disclosure requirements and stress testing. The amended rules will be implemented over a 2 year period.