Fidelity penned a letter to the SEC saying that the commission's proposed money market fund reforms will lead to a yield reduction that's greater than the SEC had estimated. Daisy Maxey picked up on the Fidelity's 24-page comment letter, penned by general counsel Scott Goebel, in the Friday edition of the Wall Street Journal Fund Track column.

Fidelity sees the potential yield reduction to be as high as 0.25 to 0.43 point for an institutional nonrated fund, 0.19 to 0.32 point for a rated institutional fund and 0.14 to 0.31 point for a retail fund.

The commission had estimated that the changes will bring about yield reduction in the 0.02 to 0.04 percentage point range. 

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