MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Tuesday, March 6, 2012 Schapiro's Money Fund Reform Plan Faces Opposition within the SEC The Wall Street Journal reports that SEC chair Mary Schapiro's plan to further tighten money-market fund rules is "struggling to overcome opposition" within the commission's walls. The pub talked to Democratic Commissioner Luis Aguilar, who, as the WSJ notes, usually sides with Schapiro in commission votes. Aguilar said the rules being considered might increase risk to the financial system by pushing money away from the U.S. or toward investments that require less regulation. "Before fundamentally altering money funds, wouldn't you want full transparency into all of the vehicles, regulated and unregulated, that are used for short-term cash management?" Aguilar said. He did not tell the WSJ how he would vote on the money-fund plan. Any rule changes would need the nod of three of the SEC's five commissioners. Daniel Gallagher, one of the two Republicans on the panel, warned last week that any move to change the nature of the money market fund industry could have "harmful effects." The other Republican, Troy Paredes, opposes the plans to alter the rules. Democratic Commissioner Elisse Walter has not yet communicated her stance on the matter. Printed from: MFWire.com/story.asp?s=39378 Copyright 2012, InvestmentWires, Inc. All Rights Reserved |