On January 27, the SEC adopted new rules designed to significantly strengthen the regulatory requirements governing money market funds and better protect investors. The rules impose: (i) tightened maturity and credit quality standards, (ii) new liquidity requirements, (iii) enhanced disclosure, and (iv) operational changes. The rules will be effective 60 days after their publication in the Federal Register, and mandatory compliance with some of the rules will be phased in throughout the year.  SEC Release.  Orrick Client Alert.