Revision of Rule Concerning Holding Period and Disclosure Requirements for Members' and Employees' Investment Company Transactions

요약

The Securities and Exchange Commission is amending its rule covering member and employee securities transactions. The amended rule updates the definition of money market fund; removes the exception to the six-month holding period for shares of a unit investment trust having a term of less than six months; requires Commission members and employees to hold investment company shares for a minimum of 30 days before they are permitted to transfer those assets to another registered investment company within the same family of registered investment companies; and requires Commission members and employees to report every purchase or sale of investment company shares, other than money market fund shares.