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Rating:An SEC Commish Defends Harris <br/> And Blasts Money Fund Proposals Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, September 25, 2009

An SEC Commish Defends Harris
And Blasts Money Fund Proposals

News summary by MFWire's editors

It looks like the mutual fund industry can count on at least one SEC commissioner's support when it comes to debates over allegedly excessive mutual fund fees or regulating money market funds. In the Friday edition of the Wall Street Journal's "Fund Track" column, Sam Mamudi and Daisy Maxey report that Troy Paredes is worried about both the Oakmark Funds fee lawsuit and the proposed money fund regulations.

"Courts aren't well-positioned to second-guess decisions made by boards and companies in good faith," Paredes reportedly told attendees at the ICI's 11th annual Capital Markets Conference in New York; he questioned the wisdom of a floating NAV requirement. "Such a departure from a stable $1 a share NAV would fundamentally change the nature of money-market funds."

The Oakmark suit, Jerry N. Jones et al v. Harris Associates, will go before the Supreme Court for oral arguments on November 2. 

Edited by: Neil Anderson, Managing Editor

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