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Wednesday, July 11, 2012

Money Funds and the One Percent

News summary by MFWire's editors

Mary Schapiro's battle to regulate money-funds continues to become less murky.

Bob Plaze, associate director for regulation in the SEC's investment-management division, announced yesterday that the required capital buffer for money-funds would likely be set at less than 1 percent of the funds holdings, the Wall Street Journal reported.

Plaze spoke at the DC Bar Conference Center on a panel with Scott Goebel of Fidelity, Kenneth Berman of Debevoise & Plimpton, and Ben Haskin of Willkie Farr & Gallagher. Eric Purple of K&L Gates was scheduled to appear on the panel but had a conflict.

Schapiro is pushing to have a vote on the regulation as early as this month.

The chairwoman has also proposed an alternative system that would require money-funds to float their net asset values. 

Edited by: Ben Geier

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