In deciding what further rules should apply to money-market funds, the SEC and other regulators would do well to heed the old Latin maxim primum non nocere- first, do no harm.

Money-market funds typically invest in very low-risk securities, maintain a net asset value of $1 a share and have long been a widely used cash management tool for retail investors. They are also of critical importance to the nation's credit markets, providing liquidity to financial intermediaries.

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