The Securities and Exchange Commission has given money market funds a reprieve from following an amendment to money market fund regulations requiring them to approve of the credit rating agencies they must use to determine whether a security is eligible for investment.
Section 939A of the Dodd-Frank Wall Street Reform and Consumer Protection Act required the SEC to review the regulations that reference credit ratings and to modify regulations the Commission has identified to remove any requirement that funds rely on credit ratings. In the agencies place was to come "a standard of creditworthiness the commission determines appropriate."
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