A private liquidity facility to provide emergency relief in a crisis to prime money market funds. Permission to float net asset values, instead of fixing them at $1 a share. A two-tier system of floating rate and stable net asset values. Mandatory redemption of shares in "in-kind" distributions of shares, rather than cash. Regulating money market funds as special-purpose banks.

These are just some of the changes that could be in store for money market funds, as the $2.8 trillion industry revamps operations in the wake of the global credit crisis and the Dodd-Frank Wall Street Reform Act. And implementing them won't be easy.

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