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Federal Register / Vol. 86, No. 26 / Wednesday, February 10, 2021 / Notices
rule change.5 On September 2, 2020, the Commission instituted proceedings under Section 19b2B of the Act 6 to determine whether to approve or disapprove the proposed rule change.7
On November 6, 2020, the Exchange filed Amendment No. 1 to the proposed rule change, which replaced and superseded the proposed rule change as originally filed.8 On December 2, 2020, the Commission extended the period for consideration of the proposed rule change to February 3, 2021.9 On February 1, 2021, the Exchange withdrew the proposed rule change SRNASDAQ2020028.
For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.10
J. Matthew DeLesDernier, Assistant Secretary.
FR Doc. 202102707 Filed 2921; 8:45 am BILLING CODE 801101P

SECURITIES AND EXCHANGE
COMMISSION
Release No. IC34188; File No. S70121

Request for Comment on Potential Money Market Fund Reform Measures in Presidents Working Group Report Securities and Exchange Commission.

AGENCY:
ACTION:

Request for comment.

The Securities and Exchange Commission the SEC or the Commission is seeking comment on potential reform measures for money market funds, as highlighted in a recent report of the Presidents Working Group on Financial Markets PWG. Public comments on the potential policy measures will help inform consideration of reforms to improve the resilience of money market funds and broader shortterm funding markets.

SUMMARY:

Comments may be submitted by any of the following methods:

ADDRESSES:

5 See Securities Exchange Act Release No. 89344, 85 FR 44951 July 24, 2020. The Commission designated September 6, 2020 as the date by which the Commission shall approve or disapprove, or institute proceedings to determine whether to approve or disapprove, the proposed rule change.
6 15 U.S.C. 78sb2B.
7 See Securities Exchange Act Release No. 89739, 85 FR 55708 September 9, 2020.
8 Amendment No. 1 is available at https
www.sec.gov/comments/sr-nasdaq-2020-028/
srnasdaq2020028.htm.
9 See Securities Exchange Act Release No. 90549, 85 FR 79048 December 8, 2020.
10 17 CFR 200.303a12.

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Electronic Comments Use the Commissions internet comment form https www.sec.gov/
rules/submitcomments.htm; or Send an email to rule-comments@
sec.gov. Please include File No. S701
21 on the subject line.
Paper Comments Send paper comments to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC
205491090.
All submissions should refer to File Number S70121. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method of submission. The Commission will post all comments on the Commissions website http
www.sec.gov. Typically, comments are also available for website viewing and printing in the Commissions Public Reference Room, 100 F Street NE, Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 p.m. Due to pandemic conditions, however, access to the Commissions public reference room is not permitted at this time. All comments received will be posted without change. Persons submitting comments are cautioned that we do not redact or edit personal identifying information from comment submissions.
You should submit only information that you wish to make publicly available.
Studies, memoranda, or other substantive items may be added by the Commission or staff to the comment file during this request for comment. A
notification of the inclusion in the comment file of any such materials will be made available on the Commissions website. To ensure direct electronic receipt of such notifications, sign up through the Stay Connected option at www.sec.gov to receive notifications by email.
DATES: Comments should be received on or before April 12, 2021.
FOR FURTHER INFORMATION CONTACT:
Adam Lovell or Elizabeth Miller, Senior Counsels; Angela Mokodean, Branch Chief; Thoreau Bartmann, Senior Special Counsel; Viktoria Baklanova, Senior Financial Analyst; or Brian Johnson, Assistant Director, at 202
5516792, Division of Investment Management, Securities and Exchange Commission, 100 F Street NE, Washington, DC 205498549.
SUPPLEMENTARY INFORMATION:

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I. The Presidents Working Group Report The PWG has studied the effects of the growing economic concerns related to the COVID19 pandemic in March 2020 on short-term funding markets and, in particular, on money market funds.1 The results of this study are included in the report issued on December 22, 2020 and attached to this release as an Appendix the Report.2
The Report provides an overview of prior money market fund reforms in 2010 and 2014, as well as how different types of money market funds have evolved since the 2008 financial crisis.3
The Report then discusses events in certain short-term funding markets in March 2020, focusing on money market funds. In reviewing the events of March 2020, the Report discusses significant outflows from prime and tax-exempt money market funds that occurred and how these funds experienced, and began to contribute to, general stress in shortterm funding markets before the Federal Reserve, with the approval of the Department of the Treasury, established facilities to support short-term funding markets, including money market funds.
The Report observes that these events occurred despite prior reform efforts to make money market funds more resilient to credit and liquidity stresses and, as a result, less susceptible to redemption-driven runs. Accordingly, 1 The PWG is chaired by the Secretary of the Treasury and includes the Chair of the Board of Governors of the Federal Reserve System, the Chair of the SEC, and the Chair of the Commodity Futures Trading Commission. For a detailed discussion of the structure and significance of short-term funding markets and the effects of the COVID19 shock, as well as the effects of monetary and fiscal measures, see SEC staff report, U.S. Credit Markets Interconnectedness and the Effects of COVID19
Economic Shock, October 2020 SEC Staff Interconnectedness Report, available at https
www.sec.gov/files/US-Credit-Markets_COVID-19_
Report.pdf. The SEC Staff Interconnectedness Report also discusses the effects of the March 2020
market stress on money market funds, including heavy outflows from prime and tax-exempt money market funds and significant inflows for government money market funds.
2 The Report is also available at https
home.treasury.gov/system/files/136/PWG-MMFreport-final-Dec-2020.pdf.
3 See Money Market Fund Reform, Investment Company Act Release No. 29132 Feb. 23, 2010 75
FR 10060 Mar. 4, 2010 amending rule 2a7
under the Investment Company Act of 1940 the Act to, among other things, enhance transparency and reduce credit, liquidity, and interest rate risks of money market fund portfolios;
Money Market Fund Reform; Amendments to Form PF, Investment Company Act Release No. 31166
July 23, 2014 79 FR 47736 Aug. 14, 2014
amending rule 2a7 under the Act to address risks stemming from investor runs, including a floating NAV requirement for all prime and tax-exempt money market funds sold to institutional investors and the provision of new gate and fee tools for all prime and tax-exempt money market funds, including retail funds.

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