MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Monday, October 29, 2012 BlackRock, Fido and Vanguard Present Fink's One-Percent Money Fund Plan to Regulators On Friday, fundsters presented Larry Fink's money fund reform plan to the SEC and Treasury. Last week Bloomberg and Dow Jones reported that fundsters from ICI, Fink's BlackRock [profile] and other mutual fund shops were meeting Friday with the SEC to push an alternative money fund reform proposal. Now Nathaniel Popper of the New York Times reports that fundsters from Fidelity [profile] and Vanguard [profile] were part of the negotiations, which involved meetings with both the SEC and the Treasury Department. The plan under discussion, similar to one of three proposals from Treasury Secretary and FSOC chief Tim Geithner, would allow money funds to charge shareholders a 100 basis-point redemption fee in times of trouble. Both SEC officials and Geithner's Undersecretary for Domestic Finanace, Mary Miller, met with fundsters on Friday. So how did the meetings go? SEC spokesman John Nester told the Times that "there were many questions asked" and that "neither the chairman [money fund reform advocate Mary Schapiro] nor the staff gave any indication of their views on the presentation." Treasury spokesman Anthony Coley told the Times after Miller's meeting that the Treasury "continues to be receptive to alternative approaches to reform" money funds. Printed from: MFWire.com/story.asp?s=41825 Copyright 2012, InvestmentWires, Inc. All Rights Reserved |