Treasury Extends Temporary Guarantee Program for Money Market Funds

Treasury Extends Temporary Guarantee Program for Money Market Funds

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WilmerHale’s Investment Management Group provides sophisticated legal and regulatory advice to investment advisers, private fund sponsors, registered funds, and their independent trustees.
On March 31, 2009, the US Treasury Department announced a second and, presumably, final extension of the Temporary Money Market Funds Guarantee Program through September 18, 2009. The first extension term of the program expires April 30, 2009. Any funds that participate in the program currently and meet the extension requirements are eligible to participate in this second extension term. Funds that do not participate in the program currently are not eligible to enter the program.

The program will continue to provide coverage to shareholders up to the amount held in participating funds as of the close of business on September 19, 2008.

This extension will presumably be the Treasury's final extension, as Section 3(b) of the Guarantee Agreement provides that the program shall, in no event, be extended beyond 11:59 p.m., Washington DC time on September 18, 2009.

Click here to read the full text of WilmerHale’s April 1, 2009 Email Alert.

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