Your money market fund — the cash equivalent in your investment accounts — won't be the same.
That's because the Securities and Exchange Commission's long-awaited money market reform took effect Friday.
The rules are intended to protect smaller shareholders from investors who make large cash withdrawals amid times of high volatility. While retail investors often thought of money market funds as equivalent to cash in a checking account, that really wasn't the case as the financial crisis made clear.
The changes affect any account with a money market fund, including 401(k)s, IRAs and your brokerage accounts. Here's what you need to know: