The Department of the Treasury opened its money market mutual fund guarantee program Monday and provided details on how the $50 billion program, designed to stem a run on the $3.4 trillion money market fund industry, will work.

The guarantee program will apply to both taxable and non-taxable money market fund assets as of close of business on Sept. 19 and cover funds that are registered with the Securities and Exchange Commission, regulated under Rule 2a-7 and seek to maintain a $1 net asset value.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.