Last week, the SEC proposed amendments on broker-dealer responsibility rules which included several impacting money funds. Rule 15c3-3 would allow unaffiliated, large government money funds to be used for customer reserve deposit requirements, a change pushed by Federated Investors and Treasury Strategies, and a proposed change to Rule 15c3-1 would reduce the net capital required "haircut" for money funds from 2% to 1%. Changes in the treatment of free credit balances and sweep account options are also in store, and additional securities lending and repo oversight is proposed.

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