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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