In less than a week, the commissioners of the SEC could change the money fund world as we know it.

Yesterday SEC secretary Elizabeth Murphy released a notice (see below) of an open meeting on Wednesday, June 5. The notice offered little details, only revealing that the commissioners "will consider consider a recommendation to propose amendments to certain rules under the Investment Company Act that govern the operation of money market funds �" Andrew Ackerman of Dow Jones reports that the recommendation under consideration will be requiring prime money market mutual funds to abandon fixed $1 NAVs. And the news service adds that "SEC officials expect the measure to sail through the five-member commission."

Trade groups are already bracing themselves. The ICI's chief public communications officer released a statement (see below) saying that the mutual fund industry trade group looks forward to seeing what the SEC's going to do. And David Hirschmann, president and CEO of the U.S. Chamber of Commerce's Center for Capital Markets Competitiveness promised to "evaluate the SEC's forthcoming proposal."

Notice

SECURITIES AND EXCHANGE COMMISSION

Sunshine Act Meeting.

Notice is hereby given, pursuant to the provisions of the Government in the Sunshine Act, Pub. L. 94-409, that the Securities and Exchange Commission will hold an Open Meeting on Wednesday, June 5, 2013 at 10:00 a.m., in the Auditorium, Room L-002.

The subject matters of the Open Meeting will be:
The Commission will consider a recommendation to propose amendments to certain rules under the Investment Company Act that govern the operation of money market funds and related amendments to Form PF under the Investment Advisers Act.�

At times, changes in Commission priorities require alterations in the scheduling of meeting items.

For further information and to ascertain what, if any, matters have been added, deleted or postponed, please contact:

The Office of the Secretary at (202) 551-5400.

Elizabeth M. Murphy?
Secretary

May 29, 2013

Press Release

ICI Statement on Scheduled SEC Meeting ?on Money Market Fund Regulation

� Washington, DC, May 29, 2013 � ICI Chief Public Communications Officer Mike McNamee issued the following statement in response to the Securities and Exchange Commission notice of an open meeting scheduled for June 5 to consider money market fund regulation:

� �We look forward to seeing the rule proposal on money market funds that the Commission plans to consider at next week�s meeting. We expect this proposal will reflect the extensive research and discussion among commissioners and staff since last summer. As Chairman White has said repeatedly, the goals of any reform must include preserving the economic benefits of money market funds�both for investors and for the businesses and state and local governments that rely upon these funds for financing.�

For more information on money market fund regulation, visit www.ici.org/mmfs.

Edited by: Neil Anderson, Managing Editor

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