SEC proposal for reserve funds under scrutiny

07/16/2007 | InvestmentNews (free registration)

Industry interests are attacking a Securities and Exchange Commission proposal to change the way broker-dealers can invest customer reserve funds. If approved, the brokers would be barred from using affiliated banks for such funds, while being allowed to use money market mutual funds for reserve fund assets. The Securities Industry and Financial Markets Association supports the use of AAA-rated money funds and affiliated funds while opposing proposed rules for using bank deposits.

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