The Securities and Exchange Commission (SEC) is seeking public comments on a proposed extension of a rule that allows broker-dealers to provide monthly transaction information to certain money market fund investors instead of immediate confirmations. This exemption from Exchange Act Rule 10b-10(a) applies if no sales load or redemption fee is charged and if investors are informed of their option to request immediate confirmations but choose not to. The SEC estimates that around 206 broker-dealers would be impacted and encourages feedback on whether this information collection is necessary, how to improve it, and ways to reduce its burden. Comments are due by January 31, 2025.
Simple Explanation
The Securities and Exchange Commission (SEC) wants to hear what people think about a rule that lets certain money fund investors see their account activity once a month. They can ask for updates more often if they want, and the SEC is checking if this setup is helpful.