The Securities and Exchange Commission is asking market participants to help it craft a definition of retail money market funds as part of a set of reforms that it proposed Wednesday.

The definition is crucial to one of two requirements the SEC proposed to prevent runs on money market funds such as those that occurred during the 2008 financial crisis. The commission proposed requiring prime institutional money market funds operate with a floating net asset value (NAV), instead of the current stable NAV of $1.00 per share. Retail funds would be exempt from this requirement, as would funds primarily investing in U.S. government securities.

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