The SEC has released their long-awaited rules on 2a-7 institutional money market funds and has chosen the floating NAV model. This is a shocker, to be sure. There were many who thought that the SEC would opt for one of two models, either floating NAV or constant NAV with restrictions, and many who are unhappy with the final outcome. The adoption of new rules is certain to shake up the 2a-7 world. Here’s what we see happening.