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

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

Rating:Fundsters Storm the House over Money Fund Reforms Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, September 18, 2013

Fundsters Storm the House over Money Fund Reforms

News summary by MFWire's editors

Companies purveying money market funds have a lot of opinions on the S.E.C.'s money fund reform, and they're going to get the chance to express all of them today. Representatives of fund companies will tell U.S. lawmakers what pieces of the regulation, if not all of it, they disagree with before the House Financial Services Committee today, Bloomberg's Dave Michaels writes.

Charles Schwab [profile], Fidelity [profile], Vanguard [profile] and , Valley Forge [profile] have said that the SEC should allow municipal funds to keep a constant share price, Michaels reported. Georgia State Treasurer Steve McCoy was quoted as saying by Michaels in a prepared testimony, "Since municipal money-market funds have been very stable through many market cycles and did not experience large redemptions in the 2008 financial crisis, imposing a floating NAV on such funds seems entirely unnecessary."

Reuters writes that Fidelity wrote to the SEC, "The SEC staff estimated that only 30 percent of all assets would be subject to a floating NAV if adopted by the SEC. The SEC grossly underestimated the industry assets that would be impacted, which would be closer to 65 percent of all assets."

Charles Schwab also wrote in its letter to the SEC that its estimations were wrong, only in the case of estimated costs to the companies to modify systems post-regulation.

To read more, click here here and here .  

Edited by: Casey Quinlan

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

 Do You Recommend This Story?

Return to Top
 News Archives
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:
Add to My Yahoo!
follow us in feedly

©All rights reserved to InvestmentWires, Inc. 1997-2021
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use