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

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

Rating:Schapiro: Email Routing List Email & Route  Print Print
Monday, February 27, 2012

Schapiro: "The Money-Market Fund Industry … is Working Without a Net"

News summary by MFWire's editors

Mary Schapiro is still pushing two controversial reform proposals for the money market mutual fund industry. On Friday the Securities and Exchange Commission (SEC) chair reiterated her support for switching money funds to floating net asset values (NAVs) and adding a new capital buffer requirement for backing up money funds.

Ronald Orol of MarketWatch reports on Schapiro's speech, delivered Friday morning at the Practicing Law Institute's "SEC Speaks" event [speech]. According to the pub, after the speech Schapiro told reporters that the SEC will put both proposals out to the public for comment.

Schapiro acknowledged that the two proposals haven't exactly provoked a positive response from many mutual fund firms.

"It's hard to miss the hue and cry being raised by the industry against either of these approaches," Schapiro said. "But the fact is investors have been given a false sense of security by money market fund sponsor support and the one-time Treasury guarantee."

She insisted that, unlike when the Reserve Primary Fund broke the buck in September 2008 after Lehman Brothers' collapse, the U.S. Treasury won't be swooping in next time to off guarantees for the rest of the funds in the industry. 

Edited by: Neil Anderson, Managing Editor


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
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




©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use