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

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

Rating:BlackRock and the ICI: Ready to Compromise on Money Funds? Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, September 28, 2012

BlackRock and the ICI: Ready to Compromise on Money Funds?

Reported by Chris Cumming

The ICI has staunchly opposed Mary Schapiro's proposals to reform money funds, and took a leading role in the lobbying efforts that helped block reforms. So it's no surprise that ICI president Paul Schott Stevens has penned a missive in opposition to FSOP chairman Tim Geithner's attempt to force the SEC to adopt Schapiro's plan.

Stevens' letter to the members of the FSOC states that Schapiro's proposals "have elicited strong opposition for their adverse impacts on investors issuers and the economy," earning "hundreds" of opponents.

In what may qualify in the regulatory-letter-writing community as a zinger, Stevens says that he hopes regulators "will take an objective, fact-based view of the issues" — as opposed, presumably, to the view Geithner and Schapiro have taken.

Yet Stevens' comment also strikes a conciliatory note, saying that the ICI will "continue to present empirical analysis to inform the regulatory debate" as the SEC "continues its engagement on money fund issues, seeking to determine if future reforms are necessary and, if so, what shape those reforms should take."

On the same note, today BlackRock issued a statement with an attached proposal of its own that suggest a willingness to compromise with Washington.

Saying that it has "actively pursuing a number of potential solutions to MMF reform over the past three years" and is committed to "preserve money market funds while addressing the concerns of regulators," the firm released a "ViewPoint" paper with its own proposal to reform the funds.

The BlackRock paper endorses the idea of "circuit breakers" — similar to the "gates" that Geithner proposed yesterday — to prevent MMF runs. The paper also signals a softer line toward Schapiro's proposal for MMFs to adopt floating NAVs, saying that research suggests that this would "change but not destroy the industry."

Meanwhile, as the FSOC meets today in a closed-door session, Bloomberg further clarifies where all these statements are likely to lead: a eventual compromise between fund firms and the regulators. 

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

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2025: Q3Q2Q1
2024: Q4Q3Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
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:
Raw XML
Add to My Yahoo!
follow us in feedly


    Sorry, no records in the database matched your search parameters. Clich back and try again.



  1. Nicsa webinar - New research by Alex Edmans and the Diversity Project - The Power of diverse thinking: How the best teams make decisions, July 1
  2. MFDF Director Discussion Series - Open Forum, July 9
  3. MFDF webinar - Mid-Year Tax Update for Registered Investment Companies, July 10
  4. MFDF Director Discussion Series - Open Forum (Philadelphia), July 15
  5. 2025 MMI Women in Advisory Solutions Forum, Jul 15-16
  6. Nicsa webinar - How Trusted GenAI is Transforming Data Access in Asset Management, July 16
  7. MFDF webinar - M&A and Consolidation in Asset Management, July 16
  8. MFDF webinar - ETF Conversions, July 17
  9. MFDF Director Discussion Series - Open Forum (New York), July 22
  10. MFDF Ask Anything webinar - AI Edition, July 24
  11. MFDF webinar - Use of Derivatives by RICs, July 29
  12. MFDF Director Discussion Series - Open Forum (Columbus, Ohio), August 20
  13. Samfund Soiree Boston 2025, August 21
  14. MFDF webinar - The Audit Committee Chair's Guide to Balancing Duties and Emerging Issues, September 3
  15. ICI ETF Conference, Sep 8-10
  16. Nicsa webinar - Reimagining Reconciliation: AI, Regulation, and Capital Markets Transformation, September 10
  17. MFDF webinar - Series Trust Funds - Compliance and Board Reporting, September 10
  18. MFDF In Focus - Board Oversight of DEI in Current Landscape, September 11
  19. MFDF webinar - MFDF 15(c) White Paper Webinar Series: Part 4 – Enforcement Action Takeaways, September 16
  20. MFDF webinar - Latest in Closed-End Funds Litigations, September 23
  21. MFDF webinar - Fixed Income Insights: Navigating Market Trends & Opportunities, September 24
  22. MFDF webinar - Risk Management Essentials for RICs and Boards, September 29
  23. MFDF webinar - Diligent - Tools for Fund Board Book, October 1
  24. 10th annual Fuse Forum, October 8
  25. MFDF webinar - Essential Strategies in Board Oversight of Operational Risk Management, October 14
  26. 2025 MMI Annual Conference, Oct 15-17




©All rights reserved to InvestmentWires, Inc. 1997-2025
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use