Money market fundsters may want to take a look at Reuters
. In an interview with Ross Kerber, new Investment Company Institute (ICI
) chair and Franklin Resources [see profile]
CEO Greg Johnson
said that the mutual fund industry's proposed emergency liquidity facility for money funds isn't winning support from the Securities and Exchange Commission (SEC
"It's a fairly complex area and they are looking at other ideas and solutions," Johnson reportedly said.
Outgoing ICI chair Ed Bernard
, vice chairman of T. Rowe Price, also said recently that he thought the liquidity bank wouldn't fly.
According to Reuters, Johnson ranked money fund regulation as the number issue the fund business faces today. So what, besides the infamous (and industry-loathed) floating net asset value (NAV) proposal, is still under consideration when it comes to money fund regulation?
"Everything is on the table," Johnson told the wire service.
Neil Anderson, Managing Editor
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