State Street Global Advisors has changed the redemption rules on its Prime Money Market Fund. SSgA spokeswoman Arlene Roberts said that the revision gives shareholders "greater flexibility and security that they will get their money even faster."

Prior to the amendment, the fund could postpone the payment of redemptions for up to seven days or if one of the specified emergency conditions takes place. Now, Roberts explained, the fund is obligated to make redemption payments on the next business day unless one of the three listed emergency conditions occur. 

Correction: An earlier version of this story incorrectly stated that the revision would cause shareholders more difficulty in obtaining redemption payments.

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