The Financial Industry Regulatory Authority (​FINRA), the combined NASD and NYSE self-​regulatory organizations, recently released a "​Staff Interpretive Memo" on Sweep Fund Closings, entitled, "​Use of a negative response process under NASD Rule 2510(​d)(​2)(​D) to designate an alternative money market sweep fund when existing sweep fund closes with inadequate notice." The brief discusses the case of when "money market sweep funds ... refuse or limit additional share purchases". It addresses recent closings of "in particular '​Treasury' money market funds ... [​that] have found it difficult to obtain sufficient quantities of those securities." The memo says, "FINRA staff believes ... it would be in the best interest ... to permit firms to select a new money market sweep fund for customers without having to wait for the 30-​day negative consent period."

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