The Philadelphia Enquirer writes "Make sure money-​market reforms don'​t take you unawares." It says, "Money-​market reforms are finally here - and they'​re creating headaches for mom-​and-​pop investors. At least one local investor wrote checks on his money-​market account, only to have the check bounce. Be aware that your asset manager or brokerage may be changing the name, account number, or type of money-​market fund you'​ve invested in because of new laws that take effect Oct. 14. After the 2008 financial crisis, the Securities and Exchange Commission adopted new rules to make money-​market funds more resilient by reducing interest rate, credit and liquidity risks." The article continues, "The key rules: There are now three categories of money-​market funds, retail, government, and institutional. Retail and government funds seek a stable $​1 net asset value (​NAV), but institutional funds are required to have floating NAVs, as mutual funds do. To comply, many firms didn'​t want to keep retail clients in riskier "​prime" money-​market funds. So they switched retail investors into less-​risky "​government" money-​market funds that have a $​1 fixed NAV. The difference between the two is important."

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