SEC will require money market mutual funds to bolster cash

01/27/2010 | Bloomberg · Bond Buyer (free content), The

The Securities and Exchange Commission is requiring that money market mutual funds be able to sell 10% of their assets in a day and 30% in a week. The SEC is also considering other changes for the $3.24 trillion industry, which warned that the changes might prompt investors to go elsewhere. "These rules will take important initial steps toward making money market funds less vulnerable to runs," said SEC Chairman Mary Schapiro. "The new rules will have substantial benefits for investors."

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Bloomberg · Bond Buyer (free content), The

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