Funds pressure the SEC over proposed money market rules

03/18/2012 | InvestmentNews (free registration)

Members of the money market fund industry are joining forces against proposed rules being considered by the Securities and Exchange Commission that could increase capital buffers and impose a floating net asset value. The changes "would drive a lot of providers out of the business immediately and those left would have a product that no one wants to buy," Investment Company Institute President Paul Schott Stevens says. The SEC argues the rule are necessary to ensure the stability of money market funds in case of another financial crisis.

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