October 1, 2008
FINRA Issues Investor Alert on Guarantee Program for Money Market Funds
FINRA issued an Investor Alert, Treasury's Guarantee Program for Money Market Mutual Funds: What You Should Know, advising investors that:
The insurance provided by the program only covers the total value of a shareholder's account in a participating fund as of the close of business on Sept. 19, 2008.
Participation in the program by a tax-exempt money market fund will not jeopardize the tax-exempt status of payments.
The program will be in effect for three months, beginning Sept. 19, 2008. After three months, the Secretary of the Treasury will assess the program and decide whether to extend it. The program can be extended until Sept. 18, 2009.
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