The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:SEC Staff's Money Fund Draft Weighs in at 337 Pages Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, June 27, 2012

SEC Staff's Money Fund Draft Weighs in at 337 Pages

News summary by MFWire's editors

The SEC's staff is done with its draft proposal on money market reform. And it's 337 pages long. News that the staff has completed the draft proposal of chairman Mary Schapiro's two plans to reform the $2.6 trillion money-market fund industry was reported by Bloomberg and Reuters Wednesday morning.

Not surprisingly, the proposal is expected to meet opposition, from within the SEC and without. Even if Schapiro can win the support of the SEC swing vote, Democrat Luis Aguilar, and release the proposal for public comment, the U.S. Chamber of Commerce and fund firm Federated Investors are staunchly opposed. Federated chief executive Christopher Donahue has even threatened to sue, should the rule be ultimately approved.

The proposal contains two potential plans. One consists of a floating net asset value, while the other involves the combination of a capital buffer and a holdback on investor redemption requests.

SEC spokesman John Nester declined to comment on the proposal itself. However, he told Reuters, "The chairman believes that reforms are necessary because money market funds remain susceptible to destabilizing runs." 

Edited by: Irene Park

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

©All rights reserved to InvestmentWires, Inc. 1997-2019
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use