Government mandates are creating huge changes for money market funds and that is opening up buying opportunities for investors, says Charlie Cardona, CEO of BNY Mellon's Cash Investment Strategies (BK) . The reforms establish three categories of money market funds-retail, government, and institutional. The new rules restrict who can invest in retail money market funds. They continue to seek a stable $1 net asset value (NAV) for retail and government funds, but require institutional funds to have floating NAVs like other mutual funds. The reforms, which hit this week, also allow certain funds to impose liquidity fees and temporarily suspend withdrawals - known as gates - in certain circumstances. TheStreet's Gregg Greenberg has details.
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