MIAMI - The Securities and Exchange Commission mandated a series of money market mutual fund reforms in 2010. These included requirements for the funds to hold certain amounts of cash at all times, restrictions on purchasing illiquid securities, shorter maturity times and requirements to invest in higher quality credits.

Then, Mary Schapiro pushed for more reform before she left office in December. Among her proposals, which she dropped in August: Restrictions on redemptions, capital buffers and, most controversially, allowing the net asset value of shares in such funds float from the $1 value that has been its bedrock promise to investors that the value of their capital will be preserved.

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