On December 15, 2021, the Securities and Exchange Commission (the “SEC”) voted 3 to 2 (Commissioners Peirce and Roisman dissenting) to propose certain amendments (the “Proposed Amendments”) to rules and forms under the Investment Company Act of 1940 (the “Investment Company Act”) intended to improve the resilience and transparency of money market funds. The Proposed Amendments come as a response to the significant outflows experienced by certain types of money market funds in March 2020 in connection with the economic shock related to the COVID-19 pandemic and the resulting intervention by the Board of Governors of the Federal Reserve System (the “Federal Reserve”).