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Municipal Financing

The Floating NAV Isn’t Going to Hurt Municipal Financing

On August 14, 2014, the SEC published a final rule (“Rule”) adopting a collection of reforms applicable to money market funds (“MMFs”).  Although the Rule contained an incremental and incomplete set of measures, it nevertheless was a positive step forward.  One of the most important components of the Rule was a requirement that all institutional prime and institutional municipal money market funds float their net asset value or “NAV.”