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Wednesday, August 08, 2012

August Brings a Big Day for Money Funds

News summary by MFWire's editors

The SEC has finally settled on a date to vote on chairman Mary Schapiro's money-market mutual fund regulation changes. And the big day will be Aug. 29, SEC officials told the Wall Street Journal.

However, the date could be delayed as Schapiro works to gain more support. So far, she has had difficulty lining up support among the five agency commissioners.

Regulation changes outlined by a 337-page proposal would require money funds to utilize floating NAVs or set aside capital — an amount less than 1 percent of a fund's assets — to protect against losses while holding back a portion of shareholders' cash for 30 days when they seek to withdraw their money.

If Schapiro's proposal passes, it would represent a big loss for firms like Vanguard, Charles Schwab and Fidelity, which have spent at least $2 million to campaign against the proposal, the WSJ wrote. 

Edited by: Irene Park


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