The Federal Reserve Bank of New York issued a "Statement Regarding Reverse Repurchase Transaction Counterparties," which says, "The New York Fed is making the following adjustments to the reverse repurchase (RRP) counterparty eligibility criteria: For SEC registered 2a-7 funds, the existing requirement to have, for the past six months, either net assets of at least $5 billion or an average outstanding amount of RRP transactions of at least $1 billion is reduced to $2 billion and $500 million, respectively. For government sponsored enterprises, the existing requirement to have either an average daily outstanding amount of RRP transactions of no less than $1 billion for the past three months, or an average daily amount outstanding of overnight money market transactions of no less than $100 million over the past three months, is removed. These changes are designed to make the ON RRP facility more accessible, in line with the New York Fed's efforts to ensure that its counterparty policies support effective policy implementation and promote a fair and competitive marketplace. The New York Fed will consider further adjustments of the 2a-7 fund eligibility requirements over time as appropriate. All other eligibility criteria and expectations remain the same."

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