Almost a year after former Chairman Schapiro’s failed attempt at reform, the SEC has once again proposed amendments to the rules that govern money market mutual funds.  The SEC proposed two alternatives:  The first alternative would require money market funds to sell and redeem shares based on the current market-based value of the securities in their underlying portfolios, i.e., transact at a “floating” NAV.  The second alternative would require money market funds to impose a liquidity fee if a fund’s liquidity levels fell below a specified threshold and would permit the funds to suspend redemptions temporarily, i.e., to “gate” the fund under the same circumstances.  The release announcing the proposed rules can be found here: http://www.sec.gov/rules/proposed/2013/33-9408.pdf