Last week, BlackRock sent out a "​Cash Management Update: SEC Amends Rule 2a-​7. It says, "On January 27, 2010, the Securities and Exchange Commission (​SEC) voted 4 to 1 to approve amendments to Rule 2a-​7 which governs money market funds. As stated in a press release issued by the SEC, the new rules are intended to increase the resilience of money market funds to economic stresses and reduce the risks of runs on the funds by tightening the maturity and credit quality standards and imposing new liquidity requirements. The text of the final rules, when they are ultimately posted, may contain additional requirements and details not summarized in today'​s press release." They say, "Our expectation is that the SEC will allow for an orderly transition to the new rules over the next several months. Some of the changes, as described in the press release, include: Liquidity Requirements ... Maturity Restrictions ... Eligible Securities ... [​and] Increased Transparency."

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