| WASHINGTON, July 23
WASHINGTON, July 23 U.S. securities regulators
adopted rules on Wednesday designed to curb the risk of investor
runs on money market funds, capping the end of a years-long
heated debate between regulators and the industry dating to the
The U.S. Securities and Exchange Commission approved the
measure in a 3-2 vote, with Republican SEC Commissioner Michael
Piwowar dissenting and Democrat Kara Stein dissenting.
The SEC's rule will require prime money market funds to move
from a stable $1 per share net asset value, to a floating NAV.
It also will let fund boards lower redemption "gates" and fees
in times of market stress.
(Reporting by Sarah N. Lynch; Editing by Bill Trott)