MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
|
|
MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Friday, October 26, 2012 BlackRock and SEC Talk Money Fund Reform Compromise Fundsters from the ICI, BlackRock and other mutual fund shops are working with the SEC to get money fund reform done without being labeled systemically important by U.S. Treasury Secretary Tim Geithner. Bloomberg and Dow Jones report that industry insiders and SEC regulators are meeting today to try to compromise before Geithner's FSOC (Financial Stability Oversight Council) acts. After SEC commissioner failed to approve chairman Mary Schapiro's money fund plan this summer, Geithner asked the new FSOC, which he leads, to step in and tell the SEC to make reforms or explain why not, and to consider labeling money funds systemically important to allow the Federal Reserve to regulate them. $140-billion money fund manager BlackRock has already been trying to find middle ground. On September 27, the same day Geithner stepped in, BlackRock offered its own compromise proposal, urging the adoption of money fund "circuit breakers". Bloomberg reports that giant bank HSBC, which manages $13 billion in U.S. money fund assets, is also offering suggestions to regulators. Printed from: MFWire.com/story.asp?s=41807 Copyright 2012, InvestmentWires, Inc. All Rights Reserved |