Regulatory Notice 08-60

FINRA Announces Temporary Margin Maintenance, Net Capital and Reserve Formula Requirements Related to Money Market Mutual Funds; Effective Date: October 21, 2008

Executive Summary

The purpose of this Notice is to advise FINRA firms that pursuant to NASD Rule 2520(f)(8)(A), NYSE Rule 431(f)(8)(A) and SEA Rules 15c3-1 and 15c3-3, FINRA is announcing temporary margin maintenance, net capital and reserve formula requirements related to certain money market mutual funds that have frozen customer redemptions or whose net asset value has declined below $1.00 per share, effective October 21, 2008.

 

Questions concerning margin as described in this Notice should be directed to:

 

• Rudolph Verra, Managing Director, Risk Oversight and Operational Regulation, at
  (646) 315-8811;
• Glen Garofalo, Director, Credit Regulation, at (646) 315-8464; or
• Steve Yannolo, Principal Credit Specialist, Credit Regulation, at (646) 315-8621.

 

Questions concerning net capital and reserve formula as described in this Notice should be directed to:

 

• Yui Chan, Managing Director, Risk Oversight and Operational Regulation, at (646) 315-8426;
• Bernadette Chichetti, Director, Risk Oversight and Operational Regulation, at
  (646) 315-8428; or
• Anthony Lucarelli, Director, Risk Oversight and Operational Regulation, at (646) 315-8520.