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JPMorgan announces intended MMF designations in response to SEC reforms


The Board of Trustees of the JPMorgan Money Market Funds has approved the firm's preliminary recommendation regarding the intended designation of its publicly offered money market funds as "Institutional," "Retail" or "Government," in accordance with the criteria established by the Securities and Exchange Commission ("SEC") in July 2014. 

These determinations were reflected in a supplement to the money market funds' registration statements filed last week.

In the supplement, the Board also stated that it has no current intention of instituting liquidity fees or gates on the money market funds (MMFs) designated as Government MMFs.

John Donohue, Head of Global Liquidity for JP Morgan Asset Management, says: "The new rules include several significant structural changes. We are committed to providing shareholders with as much clarity and information as we can. We recognise that shareholders – retail intermediaries, in particular – need as much time as possible to adjust to these changes. As an industry leader, we look forward to continuing to meet investors' liquidity management needs in new and innovative ways.
"We also want to reiterate that our MMFs' board has no current intention of utilising fees and gates in our Government MMFs. Additionally, investors should know that our board does not currently plan to institute a floating net asset value (NAV) in our Prime MMF, and fees and gates in our non-Government MMFs any sooner than the second half of 2016."

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